Israeli real-time analytics and data processing platform GigaSpaces announced today that it has closed a $12 million financing round led by Fortissimo Capital with existing investors Claridge Israel and BRM Group.
The proceeds from the financing will be used to fuel rapid growth, scale global expansion, further develop collaboration with partners, and accelerate product innovation.
In 2019, GigaSpaces tripled the customer base of InsightEdge its fastest in-memory real-time analytics and data processing platform, while annual recurring revenue doubled.
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 challenges.
GigaSpaces CEO Adi Paz said, "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. This funding will help us drive accelerated growth to help more customers deliver on their data-driven promise."
Fortissimo Capital partner Yoav Hineman 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. 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, eCommerce and transportation, confirm GigaSpaces proficiency in addressing today’s and tomorrow’s customer challenges."
Fortissimo Capital was advised by GCA Altium and Meitar. GigaSpaces and existing investors were advised by Meitar.
Published by Globes, Israel business news - www.globes-online.com - on May 5, 2020
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