Samsung invests in Israeli big data co Iguazio

Assaf Somekh Photo: Yechiel Linai

The investment and strategic collaboration are part of a financing round of tens of millions of dollars currently being raised by the Herzliya company.

Samsung SDS has announced a strategic investment in Israeli serverless startup Iguazio as part of a financing round worth tens of millions of dollars that the Herzliya-based company is currently raising. In addition Samsung SDS, the Korean tech giant's IT unit, has announced strategic cooperation with Iguazio.

As part of the collaboration, the big data management and analytical platform developed by Iguazio will become part of Samsung SDS's cloud infrastructure and will be marketed to its customers. This cooperation will earn the Israeli startup millions of dollars in annual revenue starting this year.

Iguazio was founded in 2014 by CEO Asaf Somekh, CTO Yaron Haviv, and VP product Yaron Segev and develops enterprise big data tools that enable staff in large organizations to develop big data applications that are built and run in a unified environment. This prevents cases where big data analysis models are developed in lab conditions which do not meet the standards required because the applications built are not sutiable for the types of data collected in real time. Iguazio's platform can collect all an enterprise's data including historical and real-time data in one environment. In addition, the platform includes serverless architecture software.

Somekh told "Globes,"We talk the most common tools for scientists' data that works in the environment they know, but in which the environment is shared rather than isolated with data that is streamed into it automatically. Thus science data people can focus with business logic and not preparing and moving data around, which currently takes up 90% of their time."

Embedding Iguazio's platform in Samsung SDS's cloud platform is part of the strategic investment being executed by the Israeli startup.

In July 2017, Iguazio raised $33 million in its Series B financing round and has raised $48 million to date before its latest financing round of tens of millions of dollars, which is currently underway. The company has 80 employees in Israel, Singapore and New York and investors include Pitango, CME Ventures, Verizion Ventures, Robert BoschVenture Capital GmBH, Magma, JVP, and Dell Technologies.

Published by Globes, Israel business news - en.globes.co.il - on March 7, 2019

© Copyright of Globes Publisher Itonut (1983) Ltd. 2019

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Assaf Somekh Photo: Yechiel Linai
Assaf Somekh Photo: Yechiel Linai
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