GigaSpaces, a US-based data orchestration company backed by semiconductor producer Intel, closed a $12m round yesterday led by growth capital firm Fortissimo Capital that featured family office Claridge Israel and private equity fund BRM Group.
Founded in 2000, GigaSpaces has developed a cloud-based data processing and analytics platform that helps businesses orchestrate large quantities of transactional information as the basis for machine learning models.
The platform, InsightEdge, provides data insights in real time to let clients address time-sensitive decisions and flag up instances of transactional fraud.
GigaSpaces says the service is already deployed at several large companies in sectors such as financial services, retail, healthcare and transportation.
The funding will aid its product roadmap and partnerships with a view to securing growth and scaling up internationally.
Claridge Israel and pension fund manager Caisse de dépôt et placement du Québec co-led a $20m series D round for GigaSpaces in 2016 that featured Intel Capital – the corporate venturing arm of Intel – BRM Capital and growth equity firm FTV Capital.
The funding followed a $7m credit line from Plenus Venture Lending Fund in 2008, after a series C of the same size in 2007 featuring Intel Capital, BRM and FTV.
BRM had previously led a $6m round for GigaSpaces in 2005 with participation from Intel Capital and existing investor Formula Vision.