China’s e-commerce giant Alibaba has invested in Israel’s SQream Technologies, a startup that focuses on big data and graphics processing unit technology.
The GPU-based database developed by the Tel Aviv-based startup helps businesses and researchers gain insights from massive amounts of stored data in a faster and cost effective manner.
SQream said on Wednesday it has raised $26.4 million in a Series B funding round led by the Chinese giant, with whom the startup already has a collaboration agreement. In February the companies said they’d work together to provide Alibaba Cloud’s customers with a cost-effective way to set up, access and analyze data in the cloud.
The database developed by the company, called SQream DB, enables companies to analyze up to 20 times more data, up to 100 times faster, at as little as 10 percent of the cost, the company said in a statement, announcing the funding round.
SQream DB uses the power of thousands of parallel processing cores in the graphics processing units of Nvidia. The solution allows users to easily ingest, store and analyze tens to hundreds of terabytes of data and more with significantly reduced infrastructure and manpower resources.
The latest investment, the statement said, reinforces the rising challenge enterprises are facing in accessing and analyzing data from massive data stores that are growing exponentially.
“SQream is uniquely positioned to provide enterprises with the solution they require to lower the barrier for accessing and analyzing rapidly growing, large-scale data stores in the cloud. We are pleased to expand our relationship with SQream, and work together to accelerate the growth of the cloud industry,” said Chaoqun Zhan, director of Alibaba Database Business, in the statement.
Ami Gal, CEO and co-founder of SQream, said the financing will enable the company to speed up its technological integration with partners, and to grow its global sales and marketing teams.
Alibaba’s chairman Jack Ma visited Israel earlier this month to explore business opportunities in Israel.