StorageOS Secures $10 Million in Series B Funding Round to Accelerate Growth for its Cloud Native Software-Defined Storage Solution
StorageOS, a leader in cloud native storage management, has announced a $10 million Series B funding round to build on growth, which has seen more than 4,000 customers globally implement its software-defined storage solution. Led by Downing Ventures, existing investors Bain Capital Ventures, Uncorrelated Ventures and MMC Ventures also participated in the round alongside new investor, Chestnut Street Ventures. This brings the total funding raised to date by StorageOS to $20 million.
The company will now invest further in its go-to-market strategy and scale its sales and customer facing technology teams to build its customer base and revenue.
“Securing a further significant round of funding is an important step in the development of the business and a huge vote of confidence in our team, technology and achievements to date,” said Alex Chircop, Founder and CEO, StorageOS. “Working alongside a group of committed investors, including those who have supported us during our previous funding round, has been key to the growth of the business and we’re looking forward to building on our strategy worldwide.”
“We are delighted to announce our investment in StorageOS, a company that is uniquely positioned as a global leader in cloud native storage management. As modern technology companies are transitioning to containerised architectures and stateful containers are proliferating, we see significant growth of demand for new and improved storage management solutions,” said Jack Eadie, Investment Director at Downing Ventures. “We focus on a thematic investing strategy within the Enterprise and DeepTech sectors to find emerging global leaders with top tier management teams who are addressing large global multi-billion-dollar challenges. StorageOS is exemplary on every front and we are excited to be moving forward with Alex and his team.”
“Storage subsystems need to be containerized – it’s the future – but not if it compromises performance. That was the real test: could the StorageOS container-based storage engine run and support very high performance workloads such as transactional databases?” said Salil Deshpande, General Partner at the Bain-backed Uncorrelated Ventures. “Once I saw it in action, delivering stunning results, and consistently blowing away all the competition in independent benchmarks, I knew it was a winner. I’m excited to continue investing in the company, following my investments in both their prior rounds.”
Bill Lehmann, Partner, Bain Capital Ventures commented: “We have backed StorageOS since the seed stage and are thrilled to be investing more in this round. As enterprise teams everywhere adopt Kubernetes, there needs to be a vendor that allows them to run stateful applications. We believe StorageOS has built the platform that these teams will standardize on and are excited to see the company grow with the additional funding.”
“We’re excited to be supporting Alex and the StorageOS team again. The business has made excellent progress since we first invested, and across the market adoption of containers and Kubernetes has skyrocketed,” said Simon Menashy, Partner, MMC Ventures. “We invest across the cloud infrastructure stack and software-defined storage is a key missing piece of the puzzle. It’s clear that StorageOS has the leading solution in the market.”
“The operational complexities of cloud-native workflows require advanced infrastructure,” said Jonathan Meltzer, senior principal at Chestnut Street Ventures. “We believe that StorageOS’ software-defined storage approach represents an effective and scalable solution to meet the need created by the continuing growth of container deployments”.