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Saudi Arabia, Technology
Launched in 2013, GridMarkets’ B2B exchange provides firms that use a fraction of their in-house data centers with the ability to recover costs from servers that sit idle during off-peak periods. For firms with variable and project-based needs, GridMarkets offers a flexible and low-cost server solution. Through its patented process that encompasses the technical platform, legal tri-party contract, and transparent commercial model, the company plans to leverage its first-mover advantage to become the leader in the secondary market. Unlike the primary market, which charges for a pre-set amount of capacity regardless of usage, GridMarkets allows its clients to buy and sell server capacity on a “pay-per-use” basis with no minimum commitments.
Hakim has made transparency and security central to his company. All buyers and sellers know the geographic location and names of those with whom they do business. Firms that access server capacity via GridMarkets pay a minimum price of US$0.10 per core processing hour – as little as one-tenth the price in the primary market. Currently, GridMarkets sets all prices, but Hakim envisions building an open marketplace in which buyers and sellers negotiate prices via the GridMarkets platform. To better leverage its advantages in the secondary market, GridMarkets plans to form partnerships with primary market providers, like public cloud service providers. These providers will in turn be able to sell excess capacity on the GridMarkets platform.
GridMarkets was named one of the top ten most promising start-ups by Echelon, Asia Pacific’s leading tech start-up conference. Hakim was named one of the top 50 people helping to shape Malaysia’s digital economy by Digital News Asia.
Hakim has asked Endeavor for guidance on which verticals to target as his company’s focus grows beyond the graphics animation industry. He is also leveraging the Endeavor Investor Network to raise US$1 million in Series A financing. The company has also benefited from Endeavor’s mentors in the areas of HR, sales and marketing, and strategy. Endeavor is excited to work with an entrepreneur who is developing truly groundbreaking technology. Hakim has demonstrated his willingness to serve as a mentor for young entrepreneurs in several support programs and helped start the Hong Kong chapter of The Indus Entrepreneurs.
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