Israeli scale-up Granulate is planning to double its UK headcount following a substantial Series B investment.
The company, which optimises computing workload for clients, has raised $30 million in its second round of funding in 10 months, taking its total raised to $45m.
It currently has around a dozen UK customers. “Granulate has an office in the UK and a local sales team that oversees the EU operations and sales,” CEO and co-founder Asaf Ezra told BusinessCloud.
“Currently our team consists of five team members, which we plan to expand as we grow. We are expecting to double our headcount in the UK by the end of the year.
“We have been watching and paying attention to the tech boom in the UK that has been taking place over the last several years with its thriving start-up scene. This was a main driver for us to look at the UK as one of our key markets for expanding our business to.”
Over the past year, Granulate has reported revenue growth of 570% and increased the number of CPU cores it manages by 10 times, to more than 300,000. It estimates that it made more than $21m in savings for customers in 2020.
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Ezra says “COVID-19 has created a huge demand for our solution”. Designed to function in any computing infrastructure and environment, Granulate says implementing its tech is simple and fast, requiring zero code changes or R&D involvement, and results are seen within days, if not hours.
“Companies with increased computing resource needs have faced a simple trade-off – pay more or get by with less,” he explained. “Granulate lets companies do both: achieve much more with what they already have while paying less, gaining higher efficiency and margins.”
The latest round was led by Red Dot Capital Partners with the participation of existing investors Insight Partners, TLV Partners, and Hetz Ventures. Dawn Capital also joined the round as a new investor.
“Granulate’s unique technology and impressive growth since their last funding round reflects a rising market demand for their game-changing optimization solution,” said Yaniv Stern, managing partner at Red Dot Capital Partners.
“For companies facing rising infrastructure costs or focusing on operating cost reduction, Granulate offers a solution that can drive additional improvement regardless of any other solutions already deployed by their clients.”