Pivot3 Tag

 

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. Pivot3NexGen_0127

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.

Click Here for more.

VC money keeps flowing into high growth storage start-ups that have a compelling value proposition. Below are some details on what Pivot3 and Exablox  have to offer that is exciting enough in such a competitive market to receive additional support and funding in 2015. vc funding

 

Pivot3 receives $45 million

Pivot3, Inc., in hyper-converged infrastructure (HCI) solutions, announced a $45 million equity and bank financing closing.

Argonaut Private Equity, a new investor in the company, joins S3 Ventures, InterWest Partners, Mesirow Financial Private Equity, and the Wilson Sonsini Goodrich & Rosati investment fund in providing additional equity in this closing.

As a part of this round, Steve Mitchell, MD of Argonaut Private Equity, will join the board of directors.

We invest in premier companies that can transform large and important industries,” said Steve Mitchell, MD, Argonaut Private Equity. “Pivot3 is on the leading edge of a once-in-several-decades transformation of the underlying technology that operates IT data centers globally.”

Industry analysts predict dramatic market growth in hyper-converged systems. According to the Technology Business Research quarterly webinar series in October 2014, “Converged systems are the go-to alternative to complicated piece-part infrastructure, sparking a $17.8 billion global market opportunity.”

The pervasive need to address unmanageable IT complexity while providing lower cost and improved service on a global scale has created an environment for explosive growth in the HCI market,” said Ron Nash, chairman and CEO, Pivot3. “Pivot3 now has the opportunity to go from being an original innovator of hyper-converged infrastructure to becoming a global leader in providing transformative IT infrastructure technology to our customers, who are leaders in IT and security organizations.”   Click here for more. 

Exablox receives $16 Million

Exablox Corp. has received a $16 million Series-C funding round.

Dell Ventures is now a strategic investor, joining existing investors DCM Ventures, Norwest Venture Partners and US Venture Partners.

This investment validates Exablox’s vision for delivering scale-out object storage to every organization.

The company has now received $38.5 million in total funding.

The recent IDC Worldwide Object-Based Storage 2014-2018 Forecast Report projects that the file-and-object-based storage market will be $43.4 billion in 2018. IDC also states that by 2018 scale-out solutions will account for approximately 80% of the FOBS market.

With traditional models storage often has been purchased on a three- to four-year refresh cycle, forcing IT organizations to overprovision storage in anticipation of future business needs, which often results in forklift upgrades as business requirements change. This antiquated approach does not fit in an era of overwhelming growth in unstructured data, big data and the Internet of Things. Exablox’s OneBlox scale-out architecture provides a scalable solution that eliminates forklift upgrades and enables IT organizations to nearly instantaneously scale storage capacity, performance and/or availability to exactly meet their current business needs. Click here for more.