Nimble Closes $16 Million

Nimble Storage has received $16 million in its Series C round of funding from existing investors Accel Partners, Lightspeed Venture Partners, and Sequoia Capital.  

The investment will be used to support the company’s rapid growth by expanding sales, marketing and engineering initiatives.

"Nimble Storage has the rare combination of a top team coupled with disruptive technology and a market that is primed for change," said Jim Goetz, a Sequoia Capital partner and member of the board of Nimble Storage. Board member Peter Wagner of Accel Partners added, "We’re extremely impressed with the breakthrough architecture the team has developed and the early sales traction they’ve achieved. The company’s early revenue ramp is faster than any storage startup we’ve seen in the last decade."

Nimble Storage, founded by former Data Domain and NetApp executives Varun Mehta, CEO, and Umesh Maheshwari, CTO, has developed a converged iSCSI storage, backup, and disaster recovery solution. Based on the company’s patent-pending Cache Accelerated Sequential Layout (CASL) architecture, the CS-Series enables inline data compression, intelligent data optimization leveraging flash memory and high-capacity disk, instant optimized backups, and WAN replication in a single device. This approach lowers equipment costs, reduces backup and restore time from hours to seconds, and streamlines storage management.

"The interest we’ve had in Nimble has been remarkable. We were over-subscribed for this Series C round of funding and look forward to rapidly scaling the company to take advantage of a huge market opportunity,” said Mehta. "It’s clear that we’ve hit a real customer pain-point, and the number of deals we’ve closed already proves there’s huge pent-up demand for a new approach to enterprise storage and backup."