MOSCOW, May 30. /TASS/. China’s Alibaba Group and Sistema VC fund (owned by Russia’s Sistema Holding) invested $26.4 mln in SQream, an Israeli software manufacturer for analysis of big data.
According to the joint statement of the two companies, venture capital funds Hanaco Venture Capital, World Trade Ventures, Paradiso Ventures, Glory Ventures and Silvertech Ventures also took part in the financing. The leader of the round was Alibaba Group. The volume of investments of Sistema VC is not specified.
"Financing will allow us to accelerate technological integration with ecosystem partners and also expand the global sales and marketing team to better help businesses around the world solves problem of access and analysis of data," said Ami Gal, CEO of SQream.
The company SQream is developing databases on the platform of graphics processing units (GPU) and software for their analysis.
Sistema VC (venture capital) fund was established by Sistema in 2016 and is focused on the Russian and CIS markets with the prospect of becoming a global VC player. Sistema VC invests in growth-stage internet projects, including Communitainment and IoT, with strong unit economics, a high growth rate and potential of becoming an industry leader, and also in deep tech projects at earlier stages.