GridGain, a company that makes an in-memory database for companies that need to process large amounts of data rapidly, announced that it has closed a $10 million Series B round of funding.
In-memory computing was pioneered by SAP’s HANA, and offers performance benefits over traditional databases, which pull data from servers’ hard drives. Storing data in the computer’s main memory is faster and also simplifies the CPU processing required, which makes this kind of technology well-suited to dealing with huge amounts of data (“big data”). In addition to SAP, other enterprise technology stalwarts have come out with their own in-memory database solutions, including Microsoft, IBM, and Oracle.
SAP claimed last year that it expected HANA to become a billion-dollar business on its own.
GridGain claims that its technology is used by Fortune 500 companies, “top government agencies,” and mobile and web companies. The company is based in Foster City, Calif. Its previous, Series A round was for $2.5 million.
“During the next two to three years, In-Memory Computing will become a key element in the strategy of organizations focused on improving effectiveness and business growth,” said Massimo Pezzini, a vice president at research firm Gartner, in a quote included in GridGain’s press release. “In-memory will have an industry impact comparable to web and cloud.”
Almaz Capital led the round, with an additional investment from previous investor RTP Ventures. (RTP Ventures’ Kirill Sheynkman is listed on GridGain’s SEC filing for this investment round, along with cofounders Nikita Ivanov and Dmitriy Setrakyan.)