Illustrating the growing interpenetration of the Ukrainian and US startup ecosystems, Galactic Exchange, a big data startup with activities split between Kharkiv (Kharkov), Eastern Ukraine, and Silicon Valley, recently raised a seed funding round.
The negotiation with the Silicon Valley investors took “less than a week,” Galactic Exchange co-founder Konstantin Kladko told Ukrainian tech blog AIN.UA.
The funds were brought in by Silicon Valley-based venture funds Floodgate Capital and Signia Ventures.
Kladko did not disclose the amount of the transaction, but AIN.UA believes it was under $1 million. The funding will be used to complete technology development.
The technology — which is still in beta testing — is the result of a considerable research effort in the field of Big Data. The startup will target biotech and pharmaceutical companies, said Kladko, without providing further details.
Born in Kharkiv, Kladko moved to Silicon Valley in 1998. He was a researcher at Stanford and founded wifi software provider Сloudessa, which was sold to UK operator Global Reach, according to the Ukrainian media.
(Updated Aug. 29, 2016)