Hedvig Closes $18 Million Series B Funding Round

Hedvig, Inc., the company with distributed systems DNA and in software-defined storage, announced the close of an $18 million Series B funding round.

The investment was led by Vertex Ventures Holdinds, Ltd, with participation from existing investors True Partners and Atlantic Bridge.

Vertex Ventures general partner In Sik Rhee also joins Hedvig’s board of directors.

With approximately $30.5 million in financing to date, the company will use the latest round of funding to fuel global expansion and address the demands of its growing customer base.

With data center modernization currently considered the second most important IT initiative for enterprises (Solution Showcase – Hedvig: Evolved Software-defined Storage, Enterprise Strategy Group, March 2015) and data growing at 10 times the rate of storage budgets (Meet Evolving Business Demands With Software-Defined Storage, Forrester Research, Inc., March 2015), enterprises require a solution that enables them to immediately adapt to evolving data, application and user requirements.

Designed for change and built to scale, the Hedvig Distributed Storage Platform combines the flexibility of cloud and commodity infrastructure to reimagine the economics of enterprise storage and management. Companies can add more capabilities as their needs evolve without having to reconfigure their storage architecture.

“When I first met Avinash two years ago, I was impressed by his vision for reinventing storage by looking at it through a distributed systems lens. Avinash has built a great team and groundbreaking technology at Hedvig,” said In Sik Rhee. “There’s no doubt that the software-defined storage market is gearing up for explosive growth. As a new venture firm we are focused on only pursuing companies that are game changers. Hedvig’s fresh distributed systems approach and hybrid cloud capabilities make it well-poised to redefine storage and lead this emerging category. We’re excited to launch our fund with Hedvig as one of our initial portfolio companies.”

Prior to founding Hedvig, Lakshman is credited with building some successful distributed systems including Amazon Dynamo, the foundation of the NoSQL movement, and Apache Cassandra for Facebook. By leveraging the distributed systems approach at Hedvig, the company will deliver the power of Amazon and Facebook-like infrastructure to any enterprise data center.

“I know of Avinash from our Facebook days. I have full confidence in his ability to transform the software-defined storage category,” said Jonathan Heiliger, general partner, Vertex Ventures. “Avinash’s pioneering work with Cassandra for Facebook is a true testament to the value of distributed systems. He is well-equipped for bringing this approach to enterprise storage.”

“We’ve identified the potential in a broken and fragmented storage market, and are not only looking to bring software-defined storage mainstream, but fundamentally change how companies store and manage data,” said Lakshman, founder and CEO, Hedvig. “Riding the wave of momentum from our recent company launch, this new investment round further validates our technology and approach, and will fuel our unwavering commitment to be the leading force of innovation in software-defined storage.”

Customers such as Intuit, Dovilo, Van Dijk and Paul Hastings LLP use the Hedvig platform to transform their storage from a box where data resides to a fundamental business enabler.

Read also:
Start-Up Profile: Hedvig
New one in software-defined storage
by Jean-Jacques Maleval | 2015.03.30 | News