Maginatics Got $17 Million in Series B Financing

Maginatics, Inc. has raised $17 million in Series B funding.

This financing is led by Intel Capital with participation from WestSummit Capital, Comcast Ventures and existing investors including Atlantic Bridge and VMware.

Maginatics will use the investment to scale sales, marketing and support to fuel growth in the US and internationally and increase the pace of adoption of the company’s product MagFS (Maginatics File System).

MagFS is a solution that offers NAS-like capabilities where NAS is not an option: in the cloud and in any enterprise where distributed, concurrent and consistent access to a shared capacity pool is required.

“This is an exciting time at Maginatics. Since coming out of stealth last year, we have seen a sharp ramp-up in customers who love the ease-of-use and cloud accessibility delivered by MagFS,” said Amarjit Gill, co-founder and CEO, Maginatics. “This funding round by top venture capitalists is further validation of our vision to revolutionize enterprise storage by replacing traditional, monolithic infrastructure with a lightweight, highly elastic and feature-rich distributed file system that exposes the potential of the cloud within the enterprise.”

“The shift from monolithic storage architectures to more agile, software-only architectures able to bridge enterprise IT with cloud is transforming the enterprise,” said Lisa Lambert, VP, Intel Capital. “MagFS enables this transition by helping companies serve highly distributed operations and seamlessly migrate workloads to the cloud. Intel Capital is excited to help scale the company through significant resources, expertise and partners via our vast enterprise ecosystem.”

Founded in 2010 by Gill and CTO Dr. Jay Kistler, the Maginatics team includes a bench of talent in technology innovation. Prior to Maginatics, Gill co-founded and helped lead three companies that were acquired by Broadcom, Apple and Google. Dr. Kistler has served as chief architect for platform technologies at Akamai and VP of engineering at Yahoo!, where he led the search and advertising infrastructure programs.

“Maginatics’ next generation enterprise storage software solutions are ideally suited for the high growth, multi-billion dollar storage market in the AsiaPac region, particularly in China,” said Raymond Yang, co-founder and MD, WestSummit Capital. “Asian enterprises demand massively scalable, highly secure and low cost storage solutions optimized for today’s mobile enterprise. Maginatics delivers on all fronts and WestSummit is delighted to support Maginatics’ expansion into this highly strategic market.”

“At Comcast Ventures we look for exceptional teams that create opportunities for their companies through game-changing disruption,” said Louis Toth, MD, Comcast Ventures. “Maginatics has established itself as a leader in distributed cloud-based file systems with built-in intelligence and security performing in variable network conditions for a wide set of use cases. We look forward to working with the team to scale the company.”

Following this latest round of investment, Maginatics also appointed two new members to its board of directors: Dharmesh Thakker of Intel Capital and Raymond Yang of WestSummit Capital.