Gridstore Closes $11 Million Series B Funding Round

Gridstore, Inc. it has closed its Series B funding round last December 2013.

The company raised $11 million in an oversubscribed round led by new investor, Acero Capital, and included participation from all of its current investors GGV Capital, Investec Ventures Ireland Limited, ONSET Ventures and some of the original angel investors.

Gridstore will use this infusion of capital to expand its geographic coverage and its partner recruitment programs, as well as continued product investment.

In addition to participating in the funding round, Acero Capital’s general Partner, Rami Elkhatib will join the board of directors.

“We are very pleased to lead this round of funding,” said Elkhatib. “Virtualization has fundamentally changed the IT infrastructure landscape and we chose to add Gridstore to our portfolio because it is the first company that is truly custom built from the ground up to address storage from this perspective. In our due diligence, we were impressed by the fact that Gridstore’s beta customers universally adopted the technology upon testing it. We see a great need in the storage industry for a next generation technology and Gridstore is poised to be a leader in this space.”

Gridstore’s new software-defined storage (SDS) solution, Gridstore 3.0, was built to address the architectural disconnect between traditional storage and virtualization. The product solves an issue – the degraded performance caused by traditional storage in a Windows Server Hyper-V environment. Gridstore 3.0 accelerates Hyper-V applications by up to 500%, while offering a pay-as-you-scale pricing structure

“We welcome Acero Capital to the board and look forward to leveraging their experience and strategic insights as we plan for continued growth and expansion,” said George Symons, CEO, Gridstore. “Our introduction of Gridstore 3.0 was met with overwhelming acceptance – 100% of the beta customers purchased the product, and reported that performance was even better than they anticipated. Customers also lauded the simple deployment and ease-of-management. From this we have built a strong pipeline and look forward to significant growth over the next year.”

Symons continued, “Our timing is perfect. We are seeing a dramatic increase in interest from customers and the market for software-defined storage. With Gridstore 3.0 we have focused on Windows and Hyper-V just as the implementation of Hyper-V in the mid-market has taken off. With this new funding, we will be expanding our sales team and signing up a strong set of new partners as well as extending our geographic reach.”