nabs $5m in Seed co-led by CrossCut, Pelion

Real-time stream processing company has nabbed $5m in its Seed round co-led by CrossCut and Pelion Venture Partners.

Existing backer NVIDIA, an American visual computing technology developer, also made a contribution.

The California-headquartered company is a stream processing software for real-time big data, helping to speed up and improve efficiency of the tasks. The company implements algorithms to process big data up to 1,000-times faster than CPU-based software, according to the company.

This financing will be used to accelerate the adoption of its FDIO Engine, a GPU-native software that uses NVIDIA graphic processing units (GPU) to provide real-time stream processing of big data. Fastdata will launch and demo the product at NVIDIA GPU Technology Conference later in the month. CEO and founder Alen Capalik said, ?FDIO Engine offers unmatched efficiency and cost savings, allowing new applications to truly exploit data processing at the speed of thought for the first time.

?This paradigm shift, from traditional batch processing where you must store data before processing to true real-time processing where you can process data before deciding to store it, will open exciting new possibilities for application development in numerous industries.p>

As part of the transaction, Pelion Venture Partners senior associate Ben Lambert and CrossCut co-founder Brian Garrett will join Firstdata board of directors. Admiral William Fallon, a cybersecurity expert and retired four-star, will also join the board.

Lambert said, ? will create endless innovative opportunities for businesses in industries that need real-time stream processing like finance, security, ad-tech, telecom, cloud, AI, Internet of Things, autonomous vehicles, and robotics.p>

Earlier in the month, CrossCut co-founder Rick Smith led the $4m seed investment in to enterprise debit card provider Teampay.

Copyright ? 2018 FinTech Global

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