DataCore

Nirvanix Raises Over $25 Million Series C Round

Led by Khosla Ventures, total at $70 million

This is a Press Release edited by StorageNewsletter.com on 2012.05.04
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Nirvanix, Inc. has raised over $25M in a Series C funding round led by Khosla Ventures.

Current Nirvanix investors Valhalla Partners, Intel Capital, Mission Ventures and Windward Ventures also participated in the round. The company plans to utilize the capital infusion to expand its engineering organization and accelerate the delivery of new cloud storage services while increasing its global footprint across sales and marketing. The new investment brings Nirvanix's total capital raised to $70M.

Nirvanix is a cloud storage services provider for enterprises with massive amounts of unstructured content files and offering fully managed services with usage-based pricing across public, hybrid and private cloud storage deployments. Specifically designed for millions of users, billions of files and exabytes of data, Nirvanix cloud storage is architected for business-critical enterprise data.

Customers such as Cerner Corporation, IBM, USC Digital Repository, National Geographic and Relativity Media, among thousands of others are using Nirvanix to archive, backup and collaborate on large content files across multiple diverse locations.

"We look to bet on fundamental technology shifts that create big markets, and with Nirvanix we see two of these fundamental shifts occurring together: cloud and data," said David Weiden, general partner, Khosla Ventures. "The advantages of cloud computing are becoming more clear all the time, and it is inevitable that storage will also move to this architecture. Data, particularly unstructured data, is exploding in volume and ways to leverage it. Nirvanix's momentum with top tier enterprise customers speaks for itself, and we look forward to helping them accelerate their lead."

"Nirvanix is changing the game when it comes to enterprise storage deployments," said Charles Curran, general partner, Valhalla Partners. "Companies are deploying multi-petabyte Nirvanix clouds and bypassing the never-ending cycle of migrating data from one overly expensive hardware platform to the next. Aging storage hardware vendors are like online dial-up providers—a few people will still use their boxes in five years, but they represent a dying model."

"Our enterprise cloud storage focus has clearly resonated with customers, as demonstrated by the fact that we booked more revenue in Q1 of 2012 than nearly all of 2011," said Scott Genereux, president and CEO of Nirvanix. "Additionally, over the past year Nirvanix has secured more petabytes under management than the prior three years combined; deployed the largest private clouds in the world; and made significant market advances in the financial services, healthcare and media and entertainment sectors. Going forward we expect our growth trajectory to increase as we deliver new functionality for our battle-hardened enterprise services and expand our reach to customers across the globe - further demonstrating the broad applicability of our cloud technology."

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