Coraid Got $29.3 Million in Financial Funding, Total Reaching $114.3 Million

Coraid, Inc. announced another strong year driven by the company’s continued success with cloud service providers and enterprises building private clouds.

Coraid added several new cloud customers in 2013, including ZettaGrid and 365 Media. It delivers storage that fits the customer’s business, allowing their customers to achieve business agility at a lower TCO.

Coraid also garnered a Visionary position within Gartner’s 2013 Magic Quadrant for general-purpose disk arrays.

To accelerate its growth in the cloud market, the company brought several experienced executives onto its  team, including Dave Kresse as CEO, Stewart Grierson as CFO, Keith Carpenter as VP of worldwide sales, and Gail Boddy as VP of human resources.

The company also announced that it secured access to $29.3 million in additional financing in December 2013. This financing included participation from all current institutional investors as well as a financing with TriplePoint Capital.

“Coraid’s Ethernet storage technology is ideal for large-scale cloud architectures, and the company has a proven track record of delivering lower TCO of storage to cloud service providers and enterprise customers building private clouds,” said John Jarve, general partner, Menlo Ventures. “With the growing adoption of cloud architectures by service providers and enterprises worldwide, we are excited about Coraid’s next phase of growth.”

To support cloud service providers, Coraid entered into a number of partnerships with vendors in the OpenStack ecosystem. In February, Coraid joined the OpenStack community and provided drivers for Ethernet storage to the OpenStack Cinder project for block storage, enabling storage access over connectionless, massively parallel 10GbE. In May, SUSE became the first Linux provider to incorporate Coraid’s Ethernet drivers. These drivers allow public, private and hybrid open-source clouds to seamlessly integrate with EtherDrive and EtherCloud platforms to deliver scalable, automated storage services.

The company has proven over the past year that its modular, scale-out approach is at the forefront of helping service providers and enterprises alike tackle the challenges of deploying storage for cloud architectures.

“If building clouds were easy, then everyone would be building them with ease,” said Mark Peters, senior analyst, ESG. “Even veteran cloud builders experience challenges deploying and growing optimized cloud architectures. Organizations taking their maiden voyage need knowledgeable partners, like Coraid, to help guide and support them on a successful journey.”  

“We are passionately dedicated to helping our customers achieve greater business success with our infrastructure,” said Dave Kresse, CEO, Coraid. “We have a proven track record and will continue to innovate so we are the clear storage vendor of choice for any organization looking to build a public or private cloud.”