Portworx Lands Oversubscribed $27 Million Series C Following Year of Record Revenue, Customer Growth
Sapphire Ventures and Mubadala Investment Company Co-Lead the Round Along with Investments from Cisco Investments, HPE and NetApp Cementing Portworx’s Leadership in Cloud-Native Storage and Data Management Industry
Portworx, the cloud-native storage and data management company modern enterprises trust to manage data in containers, announced the close of an oversubscribed $27 millionSeries C funding round co-led by Sapphire Ventures and the ventures arm of Mubadala Investment Company, with support from existing investors Mayfield Fund and GE Ventures, and new financing from Cisco Investments, HPE, and NetApp. With a total of $55.5 million in financing to date, Portworx will use the latest round of funding to expand into new global markets, continue developing its flagship platform Portworx Enterprise, and grow its world-class engineering, sales and channel teams.
On the heels of its four-year anniversary, Portworx continues to see widespread and growing demand from enterprises looking to leverage containers to transform their business, leading to a nearly 400% year-over-year bookings increase. Industry analysts validate this cloud-native growth, with IDC reporting global digital transformation spending will reach nearly $2 trillion by 2022. Overall, Portworx works with some of the world’s most innovative organizations including HPE, GE Digital, Lufthansa Systems and 30 members of the Fortune Global 2000 and government agencies, validating Portworx’s unique value proposition as the only cloud-native storage solution that solves non-negotiable business requirements like High Availability (HA), data security, multi-loud data management and disaster recovery in a fully-automated manner for Kubernetes-based applications. Additional momentum and growth in the last year includes:
- Expanded customer base by over 100%, including HPE who purchased the Portworx Enterprise platform and subsequently invested
- Increased total bookings 50% from Q3 to Q4 2018, with 376% bookings growth year-on-year.
- Grew headcount by 81%, with key executive hires including Sarvesh Jagannivas as chief marketing officer and Phil Simpson as director of business development
- Expanded partnerships and reseller agreements with leading companies including IBM, Intel, HPE, Toshiba, Red Hat and Mesosphere
“Kubernetes alone is not sufficient to handle critical data services that power enterprise applications,” said Murli Thirumale, CEO and cofounder at Portworx. “Portworx cloud-native storage and data management solutions enable enterprises to run all their applications in containers in production. With this investment round the cloud-native industry recognizes Portworx and its incredible team as the container storage and data-management leader. Our customer-first strategy continues to pay off!”