The company recently raised a $16M round from Mark Cuban, JetBlue and Will Smith's Dreamer FundRead more...
The company is backed by Ignition Partners, Redpoint Ventures, Index Ventures, and Mayfield Fund
Enterprise cloud storage provider StorSimple on Thursday announced its $10.5 million Series C round of funding led by Ignition Partners, with participation from all of StorSimple’s existing investors, including Index Ventures, Mayfield Fund, and Redpoint Ventures. This round brings the company’s total raised to $31.5 million.
As the only enterprise cloud storage provider to achieve certification for Windows Server 2008 as well as VMware Ready Status, it’s little wonder so many heavy hitters in the VC world have flocked to StorSimple. The Santa Clara-based company makes some big promises with its storage solution. Essentially, the company’s product compounds the complex storage options that the large enterprise has today into one simple box that is integrated to the cloud.
For example, the storage options that the large enterprise has today include primary backup, disk-based backup storage, archival storage, tape infrastructure and management, replicated storage for disaster recovery, and offsite locations geo-resilience. StorSimple’s solution simplifies that entire process into one box, which the company calls “the appliance,” promising to integrate existing enterprise applications with the cloud within ten minutes, with no change to the application or the stack. The result is a cost savings of up to 90%.
“History has shown first movers with great breakthrough products capture disproportionate value for their customers and investors - we believe StorSimple to be just such a company,” said Richard Fade, partner at Ignition. “StorSimple is a company we wanted to become a bigger a part of. It has an awesome team, a proven product, early market leadership and deep partner relationships with companies such as Microsoft, who recently selected StorSimple as a Partner of the Year.”
In addition to being named Microsoft’s Partner of the Year, StorSimple was also named Product of the Year by Storage Magazine (the number one publication for the storage enthusiast).
The new funds from this round will be used to accelerate the company’s growth in the U.S. and abroad.
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