Pivot3 Raises $25 Million
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Pivot3 Inc., a Spring, Texas-based developer of high-definition storage based on distributed RAID, has raised $25 in Series D funding. Focus Ventures led the round, and was joined by return backers InterWest Partners, Lightspeed Venture Partners, Mesirow Financial and Silver Creek Ventures. The company previously raised around $40 million.
Pivot3®, Inc., the first company to deliver virtual servers and scalable storage in a single platform, today announced that it has raised $25 million in a new funding round led by Focus Ventures, the investor firm behind storage companies EqualLogic (acquired by Dell) and Isilon. Participation in this round also included existing investors InterWest Partners, Lightspeed Venture Partners, Mesirow Financial Capital Partners IX, and Silver Creek Ventures. The sizable investment will be used to expand sales operations beyond the Americas, as well as to develop and promote innovations that open up new markets for the award-winning Pivot3 Serverless Computing™ platform.
“We see storage as a major growth market and Pivot3 has unique technology, a rock-solid product and a blue-ribbon customer base that are poised to scale,” said James H. Boettcher, general partner at Focus Ventures. “Pivot3 demonstrated strong revenue growth even in last year’s tough economy and is the ideal blueprint for growth-stage investment.”
“Pivot3 is developing exciting storage and server virtualization technologies, growing rapidly, and gaining substantial market share,” said Ron Nash, partner with InterWest Partners. “That record of achievement makes it very easy for us to support them again as we look forward to their future success.”
“With this overwhelming investor support, Pivot3 will aggressively expand its sales and marketing efforts to accelerate our already rapid market share growth,” said Bob Fernander, CEO of Pivot3. “We now have the resources to expand our lead in the surveillance vertical and also take our product into new markets.”
Pivot3 Serverless Computing is the first scale-out storage solution offering integrated server virtualization to enterprise customers. Integrated server virtualization consolidates physical servers into Pivot3 storage appliances for high availability while realizing significant savings in power, cooling and rackspace. The compelling value proposition led the company’s quick rise to number one market share in the IP SAN market for video surveillance, as recently reported by IMS Research.
Pivot3 has more than 140 customers such as the Port of Seattle, the Mall of America, and the City of Trenton. The largest installation at the Choctaw Nation of Oklahoma is a regulated installation with four petabytes of SAN storage that simultaneously provides more than 200 virtual servers.
Pivot3 is the leading supplier of IP SAN solutions to the video surveillance market. The company’s award-winning products are widely deployed in the hospitality, transportation, homeland security, public safety, education and retail markets. The innovative Pivot3 Serverless Computing™ architecture is the only scale-out storage product offering integrated server virtualization, which brings high availability for storage and applications, simple capacity scaling, and a commodity hardware cost basis. To learn more about Pivot3, visit www.pivot3.com.
Funding Total: $25,000,000
|Round||Date||Amount||Pre Amount||Post Amount|
|Seed||3/March 2, 2010||$25,000,000||—||—|
|Investors: Focus Ventures, InterWest Partners, Lightspeed Venture Partners, Silver Creek Ventures|