Almaz Capital leads $10m GridGain Series B round


hard disk storage dataRussian venture firm Almaz Capital has led a $10m Series B financing round for big data software provider GridGain Systems.

The company had previously received investment from RTP Ventures, the US arm of ru-Net Holdings, which also took part in the latest round.

Gridgain said it would use the capital to expand sales, marketing and new product development.

Almaz managing partner Geoff Baehr said, “GridGain is addressing a real need in a rapidly growing big data market. Due to this market growth, the company is making tremendous traction.

“Almaz Capital’s goal has always been to seek and build long-term partnerships with passionate entrepreneurs who are eager to make a difference.

“GridGain’s management team has proven experience in In-Memory Computing as well as the vision and drive to transform the industry.”

The new comes just days after AltAssets revealed Almaz had raised more than $100m for its Russia Fund II.

Almaz’s latest fund received commitments totalling nearly $102m from 31 LPs according to a document filed with the US Securities and Exchange Commission.

Those commitments included  $25m from World Bank’s investment arm IFC, which was approved in May this year, and a further $50m from the European Bank of Reconstruction and Development.

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