Pivot3 Filling Up the Coffers- Secures $55 Million in Additional Funding18 Mar 2016, Posted by Blog in
Pivot3, Inc. announced a $55 million equity and bank financing closing today.
The funding will accelerate the company’s growth and enable it to bring to market the most extensive suite of hyper-converged and flash storage solutions with predictable performance that is available today.
Argonaut Private Equity and S3 Ventures are providing funding for this round.
The support for Pivot3’s strategy and growth record from existing investors as well as the interest from new investors are indicators of Pivot3’s future business success.
“We are dedicated to investing in market-leading companies that deliver innovative solutions for real world problems, and Pivot3 exemplifies our mission,” said Steve Mitchell, MD, Argonaut Private Equity. “Hyper-converged infrastructure and flash storage are two emerging markets that are experiencing unprecedented growth. Pivot3 is poised to become an unparalleled presence with truly differentiated solutions that address the cost and complexity of the modern IT data center in a far broader and more comprehensive way than its competitors.”
As part of this financing, Pivot3 will move its banking relationship to Square1 Bank, the emerging leader in technology financing.
“The insight to future technology needs and the aggressive movement to market opportunities that we see in Pivot3 make it a great customer for Square1 Bank and our team of technology bankers,” said Ken Fugate, founder and MD, Square1 Bank. “We expect to grow over the years with them.”
In February 2016, Pivot3 acquired NexGen Storage, provider of PCIe flash arrays with storage QoS and dynamic provisioning capabilities. The two companies combined capabilities allow customers to apply the right infrastructure and priority to each workload, application or business service according to its business value and to guarantee the appropriate level of service.
The latest round of funding will accelerate the integration of the combined NexGen and Pivot3 product set, development of new products and advancement of the go-to-market plan.