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GigaSpaces Grabs $3M

Grid startup GigaSpaces has completed a $3 million Series B funding round, which could rise to around $5 million, as it ramps up its U.S. operation.

BRM Capital was the prime mover in the round, although existing investor Formula Vision Technologies (TASE:FVT) has an 18-month option to invest an additional $1.5 million. BRM also has the option to invest another $400,000.

GigaSpaces was founded back in 2000 by Nati Shalom, the head of the Israeli Grid consortium. The company, which has offices in New York and Herzelia, Israel, currently has around 25 employees, of whom seven are based in the U.S.

The company's flagship offering is Enterprise Application Grid (EAG), a software which virtualizes the middleware for database and messaging applications. EAG then allows the middleware to run across grid architectures.

Grid computing, which enables compute, network, and storage resources to be shared right across an organizations IT infrastructure is gaining momentum, with both vendors and governments putting their weight behind the technology (see Sun Grid Gets Thumbs Up and EC Goes for the Grid).

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