GigaSpaces raises $5m in series c financing

GigaSpaces raises $5m in series c financing

New York grid technologies vendor GigaSpaces says it will double its headcount and push into Asia Pacific markets this year after it secured $5 million in a series c round of venture funding.

The latest funding round was led by long-term investor BRM Capital, with participation by existing shareholder Intel Capital and new investor FTVentures.

The vendor says it will use the new capital to drive its global expansion plans.

GigaSpaces CEO Yaron Benvenisti, says the firm will make its first formal entry into the Asia Pacific market later this year and expand its local sales presence in additional US and European markets.

He says the firm will also "likely experience a doubling of staff by year end to support these initiatives".

The latest infusion of capital brings the amount that GigaSpaces has raised since its founding in 2000 to $13 million.

Commenting, Liron Gitig, principal at FTVentures, the newest investor in the company and board member, says: "GigaSpaces is well positioned to build on its momentum in key customer verticals including financial services which is important to FTVentures."

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