Increasing Demand for In-Memory Computing Drives Exponential Growth
Today I am extremely proud to announce that GigaSpaces has closed a $12 million round of funding which was led by Fortissimo Capital, joined by existing investors Claridge Israel and BRM Group. This funding will drive accelerated growth, expansion, and product innovation to help more customers deliver on their data-driven promise during the current unprecedented environment and in tomorrow’s new normal.
Following our record-breaking results in 2019, including doubling annual recurring revenues (ARR), tripling the InsightEdge customer base, and achieving record profitability, we are continuing to demonstrate growth, completing Q1 2020 with record ARR.
In-Memory Solutions in COVID-19 Times and How We Can Help
Increased demand for in-memory 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. I know that we are perfectly positioned to address the urgent speed, scale, resilience, and TCO challenges that many enterprises are facing today, and in the midst of this global pandemic, we are honored to help our existing and new customers navigate successfully through the crisis and beyond. Our strong support and professional service teams are providing remote training sessions to help customers accelerate projects, running free health-check sessions for existing deployments, offering consultation services for best practices and engineering assistance when required.
Our free Go-Live professional services offering was announced a few weeks ago specifically to help new enterprises rapidly deploy our data processing and analytics software platform to accelerate applications and service performance, ensure high availability and redundancy, and at many customers, drastically reduce their TCO.
Now is the Time to Innovate
The Fortissimo Capital investment underscores our impact on helping enterprises power their digital transformation initiatives that demand real-time insights across all data sources, acceleration of application performance across cloud, on-premise, hybrid, and multi-cloud environments and operationalizing machine learning (ML) and artificial intelligence (AI).
Yoav Hineman, from Fortissimo Capital said:
“Today, organizations must remain competitive, and require the agility to develop and deploy real-time data-driven services and applications that improve the 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.”
Especially during this time, we see that digital transformation has accelerated in every field and in every organization. In essence, COVID-19 can be considered a booster for digital transformation; forcing companies to speed up the timelines of such plans.
Credit: Virpi Oinonen at Business Illustrator
Even though 70% of companies had a digital transformation in place or were working on one, it seems that most companies were not far enough along to make COVID-19 a non-issue. Governments, for example, are reviewing their digital transformation policies currently under consideration more quickly, such as cashless payment, mobile money, certification for online learning and more.
Over the last couple of months, we have been able to assist organizations that are challenged on two fronts:
- Helping companies support the increasing loads on their applications, while retaining demanding levels of service
- Deploying our software platform to drastically reduce IT costs
The fact that our software platform is non-intrusive and augments existing technologies, means that it has little to no disruptive impact on running IT operations, and can boost speed and scale while reducing TCO. You can seamlessly offload data from your mainframe, or reduce your Hadoop footprint to save up to 80% on annual costs. As you save money, you are also ready for the new norm with a modern data and analytics platform that can support your requirements moving forward.
Your organization’s data has become a critical strategic asset and it must be managed properly – even more so today. When leveraged correctly, such data can provide insights, intelligence and actions for modern services and applications such as real-time fraud detection, risk analysis, instant payments, on-line loan approvals, personalized offers, customer 360, dynamic pricing and more.
The COVID-19 pandemic is changing the way we live and do business and has highlighted the urgency for modernizing many enterprises’ architectures. As a company, we at GigaSpaces are committed to our customers’ success at all times and we can help.
This investment will be used to fuel rapid growth, scale global expansion, further develop collaboration with partners, and accelerate product innovation to help organizations today’s and tomorrow’s challenges.
Read more about our recent funding here.