Israeli big data outfit Iguaz.io announced a massive $15 million Series A round led by Magma Venture Partners with investments from Jerusalem Venture Partners and others on Wednesday. The number is noticeably high given the company was only founded in December 2014.
The company has declared itself to be in “stealth mode,” i.e. they are remaining tight-lipped about their solution, though company co-founder and CEO Asaf Somekh told Geektime the solution can cover multiple data processing frameworks in ways other solutions can’t. Somekh also said the product is in use and is close to full deployment, though he kept further details close to his chest.
Somekh said to Geektime that the company is rebuilding the framework for dealing with big data from the ground up, integrating data from multiple storage and processing platforms into one smooth analytics system. There was little technical detail on which frameworks the system was focused on.
“The whole point here is building a platform that addresses all the different analytics platforms, a platform that can address multiple tools,” Somekh explained to Geektime.
It’s all about the team
One of the co-founders — Yaron Segev — is the former co-founder and CEO of XtremIO, which was sold to EMC for somewhere between $430 and $450 million in 2012. That proven track record likely made it important for local investors to get in quickly, betting on Segev’s experience. The founding team also has a strong history of working together, which likely contributed to the high funding numbers for an 11-month-old company. In the past, Somekh and Yaron Haviv have respectively served as VP of Marketing and CTO at etherband solutions firm Mellanox Networks and data company Voltaire (acquired by Mellanox).
Magma has invested in various local tech startups making a name for themselves, including Hola, Avanan, Teridion and of course the feather in their cap Waze. They favor cloud-based tech companies in addition to Avanan, including FortyCloud and CloudEndure.
A number of Israeli big data companies have reeled in some serious venture capital in 2015, including JethroData grabbing $8.1 million in Series B and SQream Tech bringing home $7.4 million in Series B just a day before that.
Iguaz.io was founded in December 2014 by CEO Asaf Somekh, CTO Yaron Haviv, and board member Yaron Segev (formerly COO & VP R&D). The upper management also includes VP R&D Ori Modai. They are headquartered in Herzliya, Israel.