Israeli big data analytics company Speedata has come out of stealth today and announced the completion of a $55 million Series A financing round led by Walden Catalyst Ventures, 83North, and Koch Disruptive Technologies (KDT), with participation investors Pitango First, Viola Ventures and former Mellanox cofounder and CEO Eyal Waldman. Both Waldman and Walden Catalyst managing partner Lip-Bu Tan will join Speedata’s board. This latest financing round brings to $70 million, the total amount raised by Speedata.
Netanya based Speedata, which was founded by CEO Jonathan Friedmann, Dan Charash, Rafi Shalom, Itai Incze, Yoav Etsion and Dani Voitsechov, has developed an analytics processing unit (APU), which is designed to accelerate big data analytic workloads across industries. It is a dedicated processor for optimizing cloud-based database and analytic workloads, set to disrupt the way analytics and databases are processed in datacenters.
Friedmann said, "Analytics and database processing represents an even bigger workload than AI with regards to dollars spent. That’s why industries are anxiously seeking solutions for accelerating database analytics, which can serve as a huge competitive advantage for cloud providers, enterprises, datacenters, and more. However, current processing units aren’t designed to manage today’s workloads. Our amazing team of academic and industry leaders has built a dedicated accelerator that will change the way datacenter analytics are processed - transforming the way we utilize data for years to come."
Waldman added, "Datacenter analytics are being completely transformed, and accelerated processors are set to play a substantial role in this revolution. Much like NVIDIA’s GPU revolutionized the AI space, Speedata’s unique APU will transform database computing. Data processing is a swiftly growing, multi-billion-dollar market in which acceleration will unleash the use of data in the applications of tomorrow and help countless entities reliant on big data innovate and compete."
Speedata’s scalable architecture addresses the main bottlenecks of analytics, including I/O, compute, and memory, effectively accelerating all three. This unique architecture is compatible with all legacy software, allowing for seamless migration of workloads, with no changes necessary to an enterprise’s code or existing framework.
Pitango First managing partner Eyal Niv, who was also a seed investor in Speedata, said, "Pitango was an early investor in Provigent, more than a decade ago, and we’re proud to once again back Dan, Jonathan and the team, from the seed round of Speedata.
He added, "Watching the company being masterminded in our office, when Dan was a venture partner, we are excited to watch it grow, as it solves a huge need in big data and analytics, by introducing complete hardware and software solutions, with cutting-edge chip architecture, coming from one of the best teams in the industry."
Published by Globes, Israel business news - en.globes.co.il - on September 30, 2021
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