What are you looking for ?
Infinidat
Articles_top

Series A Round for WhipTail

Led by WhipTail, amount not revealed

Spring Mountain Capital, LP (SMC), a New York-based investment management firm that focuses on alternative asset investing, led the Series A Preferred Stock financing for WhipTail Technologies, Inc., a manufacturer of SSD arrays designed to improve the scalability and performance of applications, such as virtualization, databases and email.

New York-based venture capital firm RRE Ventures also participated in the round.

SMC made the commitment principally through its SMC Select Co-Investment Fund I. Financing terms were not disclosed. With the investment, Spring Mountain Capital and its affiliates have become a majority investor in WhipTail. In conjunction with the financing, SMC Managing Directors Raymond Wong, Avi Faliks and Jamie Weston have joined the company’s Board of Directors

WhipTail will use the financing to accelerate the expansion of the Company’s sales and marketing efforts as well as support additional product development. Sales efforts are being ramped up in the U.S. and Europe through the hiring of sales teams, the development of key strategic partnerships, enhancement of the Company’s reseller channels and provisioning of key marketing support to that channel. For the remainder of the year, research and development projects will focus on several product enhancements.

"We believe that WhipTail has set the stage for the accelerated adoption of solid-state storage arrays by offering enterprises the first cost-effective multi-level cell (MLC) NAND flash based storage array to be accepted by the marketplace," said Raymond Wong, Managing Director and Head of Private Equity investing for SMC. "As such, this opportunity fits perfectly into our strategy of investing in unique, smaller cap businesses," Wong said.

"Our success to date, and the rate at which we are adding new customers, validates our unique approach to solid state storage technology. Spring Mountain’s partnership and investing style has helped us tremendously, as we pioneer new ways to make extremely high speed data storage available to more commercial enterprises around the world," said Dan Crain, CEO of WhipTail.

Articles_bottom
AIC
ATTO
OPEN-E