In-memory data analytics and processing software developer GigaSpaces Tuesday said it has closed a new round of funding to give it an additional $12 million to develop its technology and launch new initiatives.

GigaSpaces develops software that uses a server’s internal memory to process data at speed and at scale, said Adi Paz, CEO of the New York-based company.

“Our technology lets customers scale up mission-critical applications,” Paz told CRN. “It not only processes data at speed and at scale, it can do real-time analytics to hot data as it is being processed. With more traditional solutions, one side is conducting data procession, and another side is doing data analytics. That gives insight, but not in real-time.”

GigaSpaces’ secret sauce is its in-memory technology, Paz said. The company was formed 15 years ago to use memory for data processing on a pure cache basis, but that technology over time became a commodity, Paz said.

Three years ago, as machine learning and artificial intelligence applications became common, GigaSpaces saw the need for additional technology to process data in real-time, he said.

“We wanted to use our data processing intellectual property and realized we could use it in the enterprise,” he said. “So we added the missing piece: the ability to extend our data processing capabilities to analyze data without the need to move the data. So we launched InsightEdge, which is software for creating an appliance to do data processing and data analytics. It lets us approach a much larger market for machine learning and analytics.”

For GigaSpaces, which is already a profitable company, the new $12 million round of funding provides an opportunity for growth, Paz said.

“We’re looking at the extra funding to further expedite what we do, to accelerate our development, launch new initiatives, and increase our field teams in different countries,” he said.

With the new funding, investment in the company has grown to $47 million. However, Paz said, $15 million from a previous round was used to spin off Cloudify, a New York-based developer of technology for orchestrating distributed networks, edge sites, devices, and applications end-to-end at scale.

GigaSpaces operates with a mix of direct and indirect sales, and counts as channel partners large systems integrators and regional solution providers, he said.

This article was originally published on CRN.com on May 5th, 2020.