Greek-founded InAccel announces $600,000 seed investment from Marathon VC

Greek-founded InAccel announces $600,000 seed investment from Marathon VC

InAccel Inc., a provider of FPGA cloud hardware accelerators, announces the completion of a $600,000 seed investment from Athens-based Marathon Venture Capital. The investment comes from Marathon's recently closed €32 million seed fund.

Big data and computationally intensive applications such as data analytics, machine learning and genomics require new solutions to manage increased demands on processing power. In response, warehouse data centers and cloud providers have begun to look to hardware accelerators, e.g. Field-Programmable Gate Arrays (FPGAs), to accelerate application processing and to reduce energy consumption. Companies including Amazon, IBM, Intel, Baidu and Alibaba have long used FPGAs internally, but only now are hardware accelerators becoming available in their marketplaces. InAccel's FPGAs aim to boost the performance of mission-critical algorithms with the use of FPGAs in the public cloud.

“There is a seismic transformation taking place in software today. Big data analytics and machine learning are crucial to the success of a company, however, associated costs are skyrocketing”, said Chris Kachris, co-founder and CEO at InAccel. "The use of cloud accelerators can help companies speed up their applications to gain a competitive advantage, also to significantly reduce related operational expenses.”

InAccel’s first products include high performance accelerators for machine learning workloads and are already available through the AWS Marketplace. InAccel will use Marathon's investment to accelerate product development and distribution of its flagship products across public cloud vendors.

“The company wants to become the default solution for running FPGAs on the public cloud, and we look forward to accelerating its potential,” said Panos Papadopoulos, partner at Marathon Venture Capital. Marathon Venture Capital is an early-stage venture capital fund led by a technical team of partners. The firm has made a number of recent investments including business software builder Cube Revenue Mangement, blockchain startup Norbloc and data analytics company Landoop. In 2018, they plan to allocate half of their seed fund in new investments.

More funding news from Greece is anticipated. As reported last year, the Greek EquiFund is expected to bring over 400 million euros to the country's tech scene in coming years.

_Photo by Synthesis Studios on Flickr_

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