Storwize Secures $19 Million in Series C Funding
Total now at $34 million
This is a Press Release edited by StorageNewsletter.com on April 10, 2008 at 3:34 pmStorwize Inc., in primary storage data compression solutions, announced it has successfully closed $19 million in funding from new investors, venture capital firms Bessemer Venture Partners and Lehman Brothers Venture Partners, as well as the Series B investment round leader, Sequoia Capital. The Series C funding will accelerate Storwize’s efforts to expand its sales and support organizations, as well as its product management resources, to meet the soaring demand for the company’s primary data compression solutions.
The company’s innovative primary data compression solutions are successfully deployed to customers worldwide including Fortune 500 companies, international banks and other large enterprises. With this investment, Storwize will significantly increase its sales force coverage in response to worldwide growing customer demand for Storwize solutions following an upswing of recognition and accolades in the industry.
“It is an honor to be supported by three venture firms who have such a level of skills and proven experience. This third round of financing is further validation of the market recognition we are seeing to our leadership in compression solutions for primary storage. It will help extend our capabilities even further in delivering technology that continues to revolutionize storage economics as well as enable us to realize high volume sales,” said Gal Naor, CEO of Storwize.
“The strategy behind our investment in Storwize is to constantly look at partnering with companies that are set to have a dramatic impact on the industry they serve,” said Shmil Levy, Sequoia partner. “Storwize’s proven leadership in the primary data compression market will be a difficult act to follow.”
“Storwize successfully addresses the changing economics of enterprise data centers, offering real solutions for enterprise customers who are faced with uncontrolled data growth coupled with soaring operational expenses in today’s unstable economic environment,” said Adam Fisher, partner, Bessemer Venture Partners. “The Storwize solution is set to offer significant savings for data center scale environments with not only dramatic savings on disk space but also significant savings on all operational expenses such as power, cooling and space.”
“Storwize is the leading company today offering a proven solution for primary storage data explosion,” said Stewart Gollmer, managing director in Private Equity and a partner in Lehman Brothers Venture Partners. “The company’s deep entrepreneurial pedigree as well as their technology competencies matches our firm’s interest in supporting ventures with extraordinary potential.”
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