A trio of venture capital firms have made a sizeable Series A investment by commiting $24.5m to enterprise data storage company Qumulo.
Highland Capital Partners led the round with support from Madrona Venture Group and Valhalla Partners, with the latter providing the seed funding to found the company eight months ago.
Qumulo said it planned to use the cash for product development and to grow its Seattle-based engineering and leadership teams.
Highland general partner Peter Bell will join the companies board of directors following the investment.
He said, “A new category of storage is needed to manage the proliferation of data that enterprises face.
“Data that doubles every two years, a growing scarcity of storage administrators, and the advent of shared, virtualized environments put tremendous pressure on storage systems.
“Qumulo has the right strategy and team to drive a leadership position in the market.”
Valhalla general partner Charles Curran said, “Qumulo’s team of enterprise storage experts is positioned to solve the problems introduced by the confluence of three huge trends in enterprise IT – consumerization, SSD technology, and commoditization.
“The next five years will bring a variety of new approaches to deal with the massive explosion of data and its manageability, and Qumulo will be at the forefront of that revolution.”
Battery Ventures and Flybridge Capital Partners also increased their exposure to the business, while Austin Ventures and Vulcan Capital were new investors.
Copyright © 2012 AltAssets