Avere Systems recently announced the finalization of $14M in Series E funding. The Series E funding raise features a new investor, namely, Google Inc., and existing investors Menlo Ventures, Norwest Venture Partners, Lightspeed Venture Partners, Tenaya Capital and Western Digital Capital. Avere Systems specializes in storage products and solutions that optimize the performance of storage infrastructures for hybrid cloud environments by empowering customers to access stored files, whether they are stored in the cloud or on premise, without sacrifices to file availability or performance. In recognition of the need to manage, scale and optimize storage solutions for on-premise storage as well as cloud-based storage, Avere Systems delivers a portfolio of products and services that help ease enterprise adoption of cloud computing, with a specialization in the intersection of storage and hybrid cloud deployments. Based in Pittsburgh, PA, the company has raised a total of $97M to date.
The Series E funding raise is notable because of Google’s addition to Avere’s roster of investors as well as the continued support of Western Digital Capital, the venture capital firm associated with Western Digital. The ability of Avere Systems to garner high profile investors with deep investments in enterprise storage such as Google and Western Digital speaks to its success in gaining traction in the rapidly growing hybrid cloud space. That Avere Systems has been able to carve out a niche with respect to facilitating high performance access to data for computational and long-term storage purposes underscores the success of its strategy to serve the storage needs of organizations that leverage a plurality of on-premise and cloud-based infrastructures. The funding will be used to support product development and innovation for Avere System’s customers with a specific focus on expanding its portfolio of products for the hybrid cloud.
Airbnb has finalized $1 billion in Series F funding that represents an increase from the $555M that it announced as constitutive of its September 2016 capital raise in September 2016. According to a recent SEC filing, Airbnb raised over $1B in Series F equity funding that brings its valuation to roughly $31 billion, or slightly more than its $30 billion valuation as noted in September 2016. Airbnb provides a web-based platform that allows individuals to find accommodation as delivered by the private homes offered by other members instead of hotels. The company has recently expanded its offerings to include “Trips” that allow members to sign up for itineraries and experiences in the destination of their choice. Operating in 65,000 cities spanning 191 countries, Airbnb became profitable in the second quarter of 2016 and currently has no immediate plans to go public in the near future. The company’s decision to remain private, for now, is illustrative of the access to capital had by technology companies and the corresponding deferral of the decision to go public until the product matures or legal and regulatory issues related to the disclosure of business practices are resolved.
Storj Labs has announced the finalization of $3M in seed funding for its open source distributed cloud storage platform that delivers peer to peer to storage using blockchain technology and cryptography. Google Ventures, Qualcomm Ventures, Techstars and angel investors from venture capital firms in addition to Cockroach Labs, Ionic Security and Pindrop Security are amongst the company’s early investors.The Storj Labs storage platform uses “farmers” who rent space on their own hard drives and storage infrastructures to other users. Storj Labs claims that the decentralization of its storage platform enables enhanced security and lower costs as compared to storage solutions offered by vendors such as Amazon Web Services, Microsoft Azure and the Google Cloud Platform. Because only end users have the encryption keys to their stored data, farmers cannot access data stored within the infrastructure they are providing to Storj Labs. Furthermore, the inherent decentralization of its platform means hackers and data thieves have no central servers to attack, compromise or destroy. Storj Labs currently boasts over 15,000 API users and more than 7,500 farmers. The company aims to disrupt cloud storage with improved performance, security and lower costs by means of its decentralized, peer to peer, client-side encrypted storage solution.
On December 7, Kenna Security announced the finalization of $15M in Series B funding led by PeakSpan Capital. Kenna’s security platform creates vulnerability points that quickly hone in on the components of an organization’s IT platform most susceptible to attack from security threats. Kenna Security differentiates in the IT security space by mapping the universe of possible security threats and applying a risk-based, data-driven methodology to identify the points of vulnerability that are most likely to lead to security breaches. The company’s expertise in prioritizing security risks enables it to deliver real-time, actionable business intelligence that helps organizations prepare remediation strategies to mitigate risk. By using Kenna’s vulnerability and risk intelligence platform, companies can focus their remediation efforts on potential threats of highest risk to their IT infrastructure, thereby maximizing their return on investment in security-related risk remediation. The funding will be used to accelerate the company’s product development as well as expand its sales and marketing operations. In addition to PeakSpan Capital, the funding round featured additional participation from existing investors U.S. Venture Partners, Costanoa Venture Capital and Hyde Park Angels. Kenna’s Series B funding raise brings the total funding it has raised to $25M.
Velostrata recently announced the release of Velostrata 2.0, a cloud migration platform that simplifies, streamlines and automates the process of moving workloads from on-premise environments to public clouds. Velostrata boasts the capability to swiftly migrate applications to clouds by way of an architecture that decouples compute from storage. The platform’s decoupling of compute from storage allows customers to migrate an application to a public cloud within minutes while its underlying data is subsequently streamed to the cloud. In the event the application requires specific data immediately, it can fetch the requisite data from the on-premise environment and iteratively reduce latency related to data retrieval via a cloud cache that stores frequently retrieved data objects. Because Velostrata does not transfer the entirety of an application’s data to the public cloud, it takes advantage of the computing power of the public cloud in conjunction with advanced data streaming and caching functionality to stream relevant datasets to the cloud. Velostratra’s smart migration software delivers automated migration of storage environments without changes to source files, thereby enhancing workload mobility and empowering businesses to leverage the public cloud for dev/test use cases in addition to business continuity.
Velostrata 2.0 features support for Microsoft Azure in addition to Amazon Web Services. Moreover, Velostrata announced the finalization of $17.5M in Series B funding led by Intel Capital, a strategic investor. Existing investors Norwest Venture Partners and 83 North also participated in the round. Velostrata’s expertise in data streaming and caching positions it to deliver a disruptive solution to the problem of cloud migration that taps into the preference of many customers to adopt a hybrid cloud strategy whereby data resides on-premise, but the computational heavy lifting is performed in the cloud. With an extra $17.5M in funding, the company stands poised to ride the wave of skyrocketing cloud adoption by delivering a hybrid cloud solution for cloud migration, the promise of which is augmented by its partnership with Intel, its new strategic investor and the leader of its Series B round of funding.
On June 9, cloud services enablement provider BitTitan finalized $15M in Series A funding led by TVC Capital. BitTitan’s MSPComplete platform helps companies sell cloud services, onboard cloud workloads and deliver enterprise-grade customer support. For example, BitTitan helps Managed Service Providers (MSPs) sell Office 365, Azure and related cloud services. In addition, MSPs can use BitTitan’s MigrationWiz to transfer workloads to the cloud and subsequently accelerate the transition of enterprises from on-premise to cloud-based deployments. BitTitan also facilitates the delivery of production-grade support for cloud-based workloads and applications and thereby gives MSPs a comprehensive suite of tools with which to build cloud revenue. BitTitan supports a range of cloud platforms that includes Microsoft Azure, Amazon Web Services, Google Cloud Platform and Dropbox. The Series A funding marks the first formal capital raise for BitTitan since its founding in 2007. Tao Capital Partners also participated in the capital raise which will be used to enhance BitTitan’s MSPComplete platform, facilitate its expansion into new geographies and consolidate its market position as a leading cloud services enablement vendor for MSPs. Given that the company has been bootstrapped since its inception, expect BitTitan to gain even more traction within the cloud MSP space with $15M in the bank, particularly as the global market for cloud services continues to experience aggressive and significant growth.
This week, Midokura announced $20.4M in Series B funding for its network virtualization technology platform, Midokura Enterprise MidoNet. Midokura Enterprise MidoNet delivers an enterprise-grade, virtualized networking solution for IaaS infrastructures including, but not limited to OpenStack. Midokura’s virtualized networking solution claims advantages in comparison to the Open vSwtich (OVS) plugin with respect to scalability, performance, security and monitoring functionality. Midokura Enterprise MidoNet 5.0, for example, features enhanced analytics into network flows through physical and virtual hosts, thereby empowering customers to swiftly identify and remediate issues within network infrastructures. Midokura’s Series B funding round investors included Simplex Inc. as well as existing investors Innovation Network Corporation of Japan and a member of Midokura’s board of directors, Allen Miner. The funding raise constitutes emphatic affirmation of Midokura’s business model of delivering enterprise-grade support and services around its open sourced MidoNet platform and a current customer base that includes Dell, Overstock.com and Puppet.