A cloud company founded by former XtremeIO executive Yaron Segev and former Mellanox executive Asaf Somekh says its data platform-as-a-service (PaaS) can streamline the data stack and make data easier for enterprises to store, analyze, and maintain.

Iguazio, which was named after the waterfalls of the Igazu River, was founded two years ago and already has about 50 employees. The Israeli company has raised $15 million in venture funding from Magma Ventures, Jerusalem Venture Partners, and a few other partners.

“We have a new approach on how to build [a data cloud],” Somekh, who is co-founder and CEO, said in an interview with SDxCentral. “Instead of having silos or repositories for every API, we have consolidated it into a unified platform.”

Specifically, Iguazio’s Enterprise Data Cloud uses a new software stack that addresses the different data types. It’s faster because it doesn’t need to cache all the data, which is different from most data stacks that are offered today. “The classic data stack today is still based upon the same principles from 20 years ago,” Somekh said. “It assumes that storage media is slow so you do caching and buffering. That’s not really necessary. We don’t need to do as much caching.”

Iguazio’s Enterprise Data Cloud can be deployed either on-premises or in hybrid cloud architectures. Somekh said the platform fits well with the Equinix Data Hub architecture, and companies can store up to 10 petabytes per rack with only four data appliances. The platform will deliver 20 million transactions per second and throughput of 50 Gb/s with sub-100 microsecond application latencies, across streaming data, NoSQL, objects, or files.

Iguazio’s data cloud stack is already being used by customers, primarily those in the financial arena like banks and exchanges.

According to Somekh, many big data projects are failing because the platforms are too complex and companies can’t meet their goals. “Even though many tools are open source, it is still a big complicated exercise,” he said.