StorageOS Secures $10 Million in Series B Funding Round to Accelerate Growth for its Cloud Native Software-Defined Storage So...
February 23 2021 - 2:01AM
Business Wire
StorageOS, a leader in cloud native storage management, has
today announced a $10 million Series B funding round to build on
growth, which has seen more than 4,000 customers globally implement
its software-defined storage solution. Led by Downing Ventures,
existing investors Bain Capital Ventures, Uncorrelated Ventures and
MMC Ventures also participated in the round alongside new investor,
Chestnut Street Ventures. This brings the total funding raised to
date by StorageOS to $20 million.
The company will now invest further in its go-to-market strategy
and scale its sales and customer facing technology teams to build
its customer base and revenue.
“Securing a further significant round of funding is an important
step in the development of the business and a huge vote of
confidence in our team, technology and achievements to date,” said
Alex Chircop, Founder and CEO, StorageOS. “Working alongside a
group of committed investors, including those who have supported us
during our previous funding round, has been key to the growth of
the business and we’re looking forward to building on our strategy
worldwide.”
“We are delighted to announce our investment in StorageOS, a
company that is uniquely positioned as a global leader in cloud
native storage management. As modern technology companies are
transitioning to containerised architectures and stateful
containers are proliferating, we see significant growth of demand
for new and improved storage management solutions,” said Jack
Eadie, Investment Director at Downing Ventures. “We focus on a
thematic investing strategy within the Enterprise and DeepTech
sectors to find emerging global leaders with top tier management
teams who are addressing large global multi-billion-dollar
challenges. StorageOS is exemplary on every front and we are
excited to be moving forward with Alex and his team.”
"Storage subsystems need to be containerized – it’s the future –
but not if it compromises performance. That was the real test:
could the StorageOS container-based storage engine run and support
very high performance workloads such as transactional databases?”
said Salil Deshpande, General Partner at the Bain-backed
Uncorrelated Ventures. “Once I saw it in action, delivering
stunning results, and consistently blowing away all the competition
in independent benchmarks, I knew it was a winner. I’m excited to
continue investing in the company, following my investments in both
their prior rounds.”
Bill Lehmann, Partner, Bain Capital Ventures commented: “We have
backed StorageOS since the seed stage and are thrilled to be
investing more in this round. As enterprise teams everywhere adopt
Kubernetes, there needs to be a vendor that allows them to run
stateful applications. We believe StorageOS has built the platform
that these teams will standardize on and are excited to see the
company grow with the additional funding.”
“We’re excited to be supporting Alex and the StorageOS team
again. The business has made excellent progress since we first
invested, and across the market adoption of containers and
Kubernetes has skyrocketed," said Simon Menashy, Partner, MMC
Ventures. "We invest across the cloud infrastructure stack and
software-defined storage is a key missing piece of the puzzle. It's
clear that StorageOS has the leading solution in the market."
"The operational complexities of cloud-native workflows require
advanced infrastructure," said Jonathan Meltzer, senior principal
at Chestnut Street Ventures. "We believe that StorageOS'
software-defined storage approach represents an effective and
scalable solution to meet the need created by the continuing growth
of container deployments".
StorageOS gives customers total control of their storage
environment, whether on-premises or in the cloud. By delivering
persistent storage to applications in container environments, users
can achieve all the business benefits of containers and
orchestrators. As a fully software defined storage company,
StorageOS offers an enterprise class, highly performant solution
with features for today’s digital business. To find out more,
please visit https://storageos.com/resources.
About StorageOS
StorageOS is a cloud native, software-defined storage solution
to deliver persistent storage for Kubernetes. StorageOS is built
from the ground-up with no legacy restrictions to give developers
working with cloud native workloads total control of storage with
no compromise on performance, availability, or security. For
additional information, visit www.storageos.com.
About Downing Ventures
Downing Ventures is an evergreen fund investing in seed to
Series A companies, with the possibility of follow-on investments.
We invest in a variety of technology sectors including Healthcare,
Deep Tech, Industry 4.0/Mobility, FinTech and Enterprise. We have a
portfolio of 71 companies as of September 2020. We work alongside a
number of investment partners and accelerator programmes and
incubators, including the London Co-Investment Fund.
www.downingventures.com
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Emily Gallagher, Touchdown PR, +1 512 571 9020
storageos@touchdownpr.com