Palatine Growth Credit Fund Invests into StorMagic

Palatine Growth Credit Fund has completed its first transaction with a significant investment to back fast-growing, edge computing provider StorMagic Inc.

The deal will support growth at the Bristol, UK-headquartered business which enables organisations of all types and sizes to store, protect, and manage their data at and from the edge. StorMagic recently introduced SvHCI, a full-stack software solution that can save customers significant costs over VMware and Microsoft. 

Palatine believes StorMagic is well-suited to capitalise on the new market conditions presented by Broadcom’s acquisition of VMware and the fund has invested in StorMagic aiming to accelerate its growth.

Founded in 2006, StorMagic has been selling SvSAN, hyperconverged storage, for SMBs and edge customers that have standardised on VMware or Microsoft virtual server environments. It has thousands of clients around the world using SvSAN and has offices in USA and Canada. 

The Palatine Growth Credit Fund has been raised to support maturing, high growth companies in the UK regions which are seeing strong Y/Y revenue growth. 

The fund lends to companies in the cyber, fintech, SaaS, healthtech, medtech, AI and advanced manufacturing sectors in the burgeoning technology ecosystems of the North, Midlands, South West, and the South East. 

Dan Beer, CEO, StorMagic, said: “StorMagic is thrilled to have Palatine’s support as the company recently entered a new market segment with the introduction of SvHCI. Since Broadcom’s acquisition of VMware, edge and SMB customers have seen massive price increases and many are looking for alternative solutions to help them run on-site applications reliably while reducing costs. SvHCI is the ideal replacement solution and can save SMBs and edge customers up to 62% over VMware alternatives.”

Notice: The fund mentioned within is only available to professional investors within the UK and retail investors may not rely on the information within. This is not an offer to sell, or an invitation for an offer to acquire, an interest in the fund, nor is it an invitation to apply to participate in the fund. This is not an offering or placement of interests in the fund in any jurisdiction and should not be construed as such. No information in this document will form the basis of any contract.