In-Memory Computing Firm GigaSpaces Gets $12 Million Funding Injection

GigaSpaces, an in-memory computing company, has raised $12 million in a funding round to fuel continued growth. The funding round was led by Fortissimo Capital.

Last year, GigaSpaces doubled its annual recurring revenue (ARR) and tripled its InsightEdge customer base. The company also had its most profitable year. GigaSpaces continues to demonstrate growth, with record ARR in the first quarter of 2020.

The in-memory computing company reports more customers demanding its services during the COVID-19 crisis.

GigaSpaces’ CEO Adi Paz said the money will give partners more opportunities. The company will build and deploy services with partners for joint customers, and increase go-to-market activities, he said.

GigaSpaces’ Adi Paz

“Channel partners, including large integrators as well as smaller regional partners, are helping expand our reach to more customers and to have presence in more regions,” Paz said. “They leverage our technology in their big data analytics stacks and solutions.”

GigaSpaces partners with technology companies such asTableau, Red Hat, Confluent, AWS, GCP and Informatica. They build complementary services that they jointly present to the market, he said.

“Partners are one part of our go-to-market strategy, which augments our direct sales approach,” Paz said. “Looking forward, partners will become an even more significant part of GigaSpaces’ expansion plan, as we increase focus on existing partners and grow our partner ecosystem across all regions.”

Fueling Growth

GigaSpaces’ InsightEdge platform addresses market demand for real-time, data-driven insights.

“GigaSpaces’ rapid growth is fueled by industry trends and requirements, and our ability to deliver innovative, differentiated solutions to our customers,” Paz said.

Enterprises are shifting to cloud. They need to maintain speed and scale for applications in both hybrid and cloud-only environments, he said.

In addition, enterprises require simpler architectures with distributed software platforms to unify all data and analytics processing, he said.

“Today, organizations must remain competitive, and require the agility to develop and deploy real-time data-driven services and applications that improve customer experience while optimizing their business operations,” said Yoav Hineman, partner at Fortissimo Capital. “GigaSpaces’ modern data platform and impressive track record of driving the digital transformation initiatives at tier-1 enterprises … confirm GigaSpaces’ proficiency in addressing today’s and tomorrow’s customer challenges.”