Caringo Raises Additional $8.8 Million in Venture Funding

Caringo, Inc. secured $8.8 million in additional investment as part of its round B funding, bringing the total investment to $33 million.

The latest capital infusion will be leveraged to continue the company’s development, marketing and distribution of company’s Swarm object storage software.

Latest investors includes New Science Ventures LLC and Advantage Capital Partners.

“The additional funds raised in this tranche of our round B funding will help us accelerate our product roadmap, expand in key vertical market segments and continue to invest in demand generation and awareness programs,” said Jonathan Ring, Caringo CEO and co-founder. “Scale-out object storage is increasingly recognized as the best approach to providing organizations of all sizes with the massive scalability and reduced complexity that is needed in today’s data-intensive environments. Our investors understand this sea change and are helping us continue to deliver our market-leading technology to customers frustrated with their existing storage infrastructure.”

Offered as a software appliance, Swarm provides a storage platform for data protection, management, organization and search at massive scale. Users no longer need to migrate data into disparate solutions for content delivery, ongoing analysis, and data protection.

“The combination of rapid data growth, ubiquitous access and analytics are driving the need for new data management solutions that go beyond just storing data,” said Vivek Mohindra, New Science Ventures partner and Caringo board member. “Our continued investment in Caringo reflects our belief that they are in an excellent position to take advantage of these market trends by advancing the industry and technology innovations they’ve refined over the last decade.”

“Our investment in Caringo is a testament to their vision to change the economics of storage and data management at scale,” said Damon Rawie, MD, Advantage Capital and Caringo board member. “We are confident that with this growth capital, Caringo will successfully execute their expansion plans and take advantage of the significant opportunity in their market.”

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2010.07.26 | Press Release | [with our comments]