Infinidat Raises $95 Million Series C, Total Funding at $325 Million

INFINIDAT Ltd closed a $95 million series C financing round.

The round was led by Goldman Sachs Private Capital Investing (PCI) with strong participation from series B leader, TPG Growth.

Equity raised by the company to date totals $325 million.

The company has several hundred enterprise customers adopting the InfiniBox platform and more than 2EB of storage deployed globally.

“We have broken every record for growth of a storage company in a few short years by focusing on fundamentals: anticipating customers’ needs, ignoring hype cycles and fostering an inclusive culture of innovation and engineering excellence,” said Moshe Yanai, INFINIDAT chairman and CEO. “We are delighted that Goldman Sachs is joining us for the next chapter of this journey.”

INFINIDAT was founded in 2011 and started selling its InfiniBox product in 2014. Its early customers include several of the world’s largest telcos, banks and cloud service providers, who deploy InfiniBox to consolidate large numbers of legacy enterprise systems onto a more efficient platform. Each InfiniBox system manages over 5PB of data and provides performance and reliability. Unlike traditional enterprise storage systems that rely on expensive flash hardware for performance, InfiniBox takes a software approach, using machine learning algorithms to extract performance and reliability out of low-cost hardware, including the same high capacity disk drive types typically employed by Google, Facebook and other hyperscale cloud operators for large-scale storage.

INFINIDAT has offices in 17 countries, is dual-headquartered in Waltham, MA and Herzliya, Israel and currently has 500 employees worldwide.

Company is profitable with 13 quarters of revenue growth, including 250% Y/Y in 2Q17.

“We are excited to partner with INFINIDAT,” said Holger Staude, PCI. “The company’s impressive track record of technological innovation and strong, profitable growth really stands out among its peers in the storage industry.”

Analyst firm IDC forecasts that, by 2025, the global datasphere will grow to 163ZB, or ten times the 16.1ZB of data generated in 2016. While the previous decade of storage growth was driven by the explosion of social media content and other user-generated data, the coming decade of growth is driven by machine-generated data, including the rise of IoT, AI, analytics and genomic science.

IDC also predicts the majority of storage growth will shift from consumer-generated to enterprise-generated data.

INFINIDAT believes the coming enterprise data age requires a new way of thinking about information storage: a new storage architecture that is different from the consumer-centric cloud storage platforms of the last decade and the legacy enterprise storage systems that came before them.

“Our mission is to store humanity’s knowledge and make new types of computing possible,” said Brian Carmody, CTO, INFINIDAT. “While the rest of the industry was pivoting to small, expensive, all-flash arrays to keep the cost per gigabyte as high as possible, we built a new software architecture that is expressly designed for the coming decade of hyper growth in the petabyte-scale market; our solution is a fraction of the cost and runs circles around the incumbents with respect to performance and reliability.”

“TPG is pleased to increase our investment in INFINIDAT,” said Tim Millikin, principal, TPG. “INFINIDAT has achieved rapid growth while implementing a long-term vision that will further cement its leadership position in the storage industry.”

“We look forward to deploying the capital from this fundraising round to accelerate our innovations, reach more customers, move faster and continue to serve our loyal and amazing customer community,” said Izhar Sharon, INFINIDAT president.