US-based data platform developer GridGain secured $15m in series B funding yesterday in a round co-led by financial services firm Sberbank and MoneyTime Ventures, the general partner of Sberbank-backed SBT Venture Fund.
RTP Ventures, the US-based arm of investment firm Ru-Net, and venture capital firm Almaz Capital also participated in the round.
GridGain previously closed a $10m series B round in 2013 led by Almaz and supported by RTP Ventures. The company has not clarified how the two rounds relate to each other.
Founded in 2010, GridGain’s platform enables applications to access and process data faster than traditional technologies. It also offers real-time streaming and analytics.
The money will help the company increase its sales, marketing and research and development efforts, as well as boost its international growth. Victor Orlovski, general partner at MoneyTime Ventures, will join GridGain’s board of directors.
Orlovski said: “We are very excited about this market and the opportunity to invest in GridGain, which has already demonstrated industry and market leadership and established a very impressive international presence.”
RTP Ventures previously led GridGain’s $2.5m series A round in 2011.