GigaSpaces, the provider of InsightEdge, the fastest in-memory real-time analytics and data processing platform, announced today that it closed a round of funding of $12 million. Fortissimo Capital led the round, joined by existing investors Claridge Israel and BRM Group.
Following record breaking results in 2019 including doubling annual recurring revenues (ARR), tripling the InsightEdge customer base, and achieving record profitability, GigaSpaces continues to demonstrate growth, completing Q1 2020 with record ARR.
Increased demand for GigaSpaces solutions is expected during the current COVID-19 crisis, when digital service usage is skyrocketing, market trading volume continues to be volatile and real-time analytics capabilities are required. GigaSpaces is perfectly positioned to address these speed, scale, resilience and TCO challenges.
The proceeds from the financing will be used to fuel rapid growth, scale global expansion, further develop collaboration with partners, and accelerate product innovation.
The investment underscores GigaSpaces impact on helping companies drive the largest enterprises digital transformation initiatives that demand real-time insights, acceleration of cloud application performance and operationalizing machine learning (ML) and artificial intelligence (AI).
GigaSpaces introduced InsightEdge, a unified analytics, ML and transactional data processing platform in 2017 to address the market needs for real-time data-driven insights. Recognized by top analysts as a leader in the industry, including the latest Q4 2019 Forrester Wave™ Translytical Data Platform citing, “GigaSpaces makes you faster and smarter at the speed and scale of business strengths in transactions, platform, multi model, customer adoption, development tools, extensibility, and customer support.”
“Data is a critical strategic asset that must be managed and leveraged correctly to provide insights, intelligence and actions for modern services and applications such as real-time fraud detection, risk analysis, instant payments, personalized offers, customer 360, dynamic pricing and more,” said Adi Paz, CEO of GigaSpaces. “This funding will help us drive accelerated growth to help more customers deliver on their data-driven promise.”
“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 from Fortune 500 companies such as financial services, insurance, health services, E-commerce and transportation, confirm GigaSpaces proficiency in addressing today’s and tomorrow’s customer challenges.”