GigaSpaces Completes Series C

GigaSpaces announced its successful completion of a Series C round of venture funding

February 2, 2007

2 Min Read
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NEW YORK -- GigaSpaces Technologies, the enterprise infrastructure software company revolutionizing the architecture of distributed, data-intensive applications, announced today its successful completion of a Series C round of venture funding. Leading this round was long-term investor BRM Capital, with participation by existing shareholder Intel Capital as well as a new investor, FTVentures. A U.S.-based private equity firm, FTVentures focuses on software and business services companies and it counts among its strategic investors 37 of the world's largest financial institutions.

Netting an additional $5 million, this latest infusion of capital brings to $13 million the amount GigaSpaces has raised since its founding in 2000. "We see this continued show of confidence by existing investors BRM Capital and Intel Capital as well as the joining of FTVentures as a new shareholder as an important acknowledgement of GigaSpaces' very strong results in 2006 and its substantial future potential," said GigaSpaces CEO Yaron Benvenisti.

According to Zeev Zilber, GigaSpaces' chairman "GigaSpaces has achieved, in a remarkably short period of time, all of the defining milestones that transform a mere start-up with a great idea into an established company with a great solution and proven business model".

This latest financing will help fuel the accelerated expansion objectives GigaSpaces has set for 2007 in order to meet the global demand for its product. "Early this year," Benvenisti said, "GigaSpaces will make its first formal entry into the Asia Pacific market; expand its local sales presence in additional U.S. and European markets; see significant increases in channel sales via existing partnering, distribution and OEM agreements in all geographies, continue its investment in open source projects and the developer community, and likely experience a doubling of staff by year end to support these initiatives." Eli Barkat, managing director and founder of BRM Capital who led the round, added, "Based on the tremendous growth that the company achieved in 2006, we believe it is rapidly emerging as the leader in its space."

"GigaSpaces is well positioned to build on its momentum in key customer verticals including financial services which is important to FTVentures" said Liron Gitig, principal at FTVentures, the newest investor in the company and board member. "The company is in a unique position to significantly change the way applications are designed and built. This is the type of technology our financial institution partners have demonstrated a strong eagerness to evaluate and adopt". With its strong global financial services network and deep domain expertise, FTVentures will be a valuable partner for GigaSpaces. The Series C investment by FTVentures, along with its previous secondary purchase of shares in the company will make FTVentures a significant shareholder in the company.GigaSpaces Technologies Ltd.

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