GridGain Systems, a Foster City, California-based provider of an In-Memory Computing platform, closed a $10m Series B venture financing.
The round was led by new investor Almaz Capital, with participation from previous investor RTP Ventures. In conjunction with the funding, managing partner of Almaz Capital Geoffrey Baehr joined the company’s board.
GridGain Systems intends to use the funds to expand sales, marketing and new product development.
Founded by Nikita Ivanov, a pioneer in using Java for high performance computing, and Dmitriy Setrakyan, a distributed computing expert, the company develops software for businesses to leverage real-time big data processing as a strategic asset (high performance computing, streaming and database, HDFS and MongoDB accelerators). According to a written note, GridGain provides integration between in-memory data and compute-grid technologies and can scale up from a single server to thousands of machines to handle terabytes of data in real time.
It is used by Fortune 500 companies, government agencies and innovative mobile and web companies.