SOURCE: SnappyData

SnappyData

April 27, 2016 07:30 ET

SnappyData Raises $3.65 Million in Series A Funding Led by Pivotal, GE Digital and GTD Capital

SnappyData's Apache Spark™-Based Breakthrough In-Memory Data Platform Reduces Development Complexity and Costs With Unified Engine for Real-Time Operational Analytics

PORTLAND, OR--(Marketwired - Apr 27, 2016) - SnappyData, developers of the world's first in-memory hybrid transactional analytics database built on Apache Spark, today announced that it has secured $3.65 million in Series A funding, led by Pivotal, GE Digital and GTD Capital.

The funding will allow the company to further invest in engineering and sales. The SnappyData leadership team includes, Richard Lamb, Jags Ramnarayanan and Sudhir Menon, who worked together during their time at Pivotal to build Pivotal GemFire® into one of most widely adopted in-memory data grid products in the market.

As Spark has gained acceptance as a general purpose platform for processing large data volumes, customers are looking to extend it to solve big data problems ranging from streaming to in real time environments. SnappyData's technology provides a breakthrough alternative for customers who traditionally have used a combination of disparate products to handle their streaming, transactional and analytical data needs. All too often, these customers have to custom-stitch heterogeneous environments together, resulting in increased development complexity and total cost of ownership, as well as frustration.

"We aim to do for real time analytics what we did for in-memory transactions with Pivotal GemFire," said SnappyData President Richard Lamb. "This investment helps us address what we believe is a real pain point for customers in a wide variety of markets"

The SnappyData open source platform aims to eliminate these production woes by empowering customers to stream, transact and analyze, all in a single in-memory cluster. It achieves this via a unified engine for real-time operational analytics, wrapping stream analytics and the twin data-modeling technologies OLTP and OLAP into a single integrated cluster, coupled with breakthrough innovation in the form of approximate query processing, which offers real promise in revolutionizing big data processing. The solution fuses the big data computational muscle of Apache Spark in-memory design and unique "shared nothing" architecture that eliminates single points of failure while delivering very high performance based on Pivotal GemFire -- the most widely deployed enterprise-class in-memory data grid on the market.

"SnappyData was created in response to the continued growth and demand for mixed workloads -- and with it, the time-consuming and expensive task of stitching together multiple solutions," said Leo Spiegel, senior vice president of corporate development and strategy, Pivotal. "We are excited to support SnappyData's success."

"Hitachi is building innovative, end to end solutions for IoT, Healthcare and Energy," said Yozo Ito, president of Smart Information Systems Division, Hitachi Ltd. "SnappyData's vision for a next generation in-memory data platform combined with the ecosystem of industry-specific products and Hitachi's own capabilities that we will develop with that platform fits our SISD requirements very nicely. We see the potential to offer real-time operational analytics while lowering total cost of ownership for our customers across Japan and Asia."

"Investing in a company with a highly experienced team of engineers is always a great opportunity," said Marc-Thomas Schmidt, chief architect at GE Digital. "We look forward to working with SnappyData in their efforts to address industrial IoT real time data processing, which is very important for our Predix IIoT Platform. We are very excited to be working with a team that has been solving key problems in the real time big data area and look forward to collaborating with them to address the real time operational analytics challenge."

About SnappyData
SnappyData was built by a highly experienced team of engineers empowered to create a breakthrough open source software Big Data platform. That team spun out in January 2016 as a standalone entity. Its leadership is the original GemFire founders who previously pioneered in-memory data grid technology over a decade ago. Successfully acquired in 2010 by VMware and moved to Pivotal in 2013, Pivotal GemFire has since become the most widely deployed enterprise-class IMDG in the market with over 1,000 customers. Portland, Ore.-based, the SnappyData team is 30+ engineers strong and is currently hiring. More at www.snappydata.io

About Pivotal
Pivotal's cloud native platform drives software innovation for many of the world's most admired brands. With millions of developers in communities around the world, Pivotal technology touches billions of users every day. After shaping the software development culture of Silicon Valley's most valuable companies for over a decade, today Pivotal leads a global technology movement transforming how the world builds software.

About GE Digital 
GE Digital connects streams of machine data to powerful analytics, providing Industrial companies with valuable insights to manage assets and operations more efficiently. World-class talent and software capabilities driving big gains in productivity, availability and longevity.

About GTD Capital
GTD Capital, is a Seattle based technology investment firm. Founded in 2006, GTD's investments include companies at various stages ranging from seed and early stage through later stage rounds.

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