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Intel Capital, others plough $17m into cloud storage business Maginatics

20 Aug 2013

cloud-and-sunIntel Capital has led a $17m Series B financing round for cloud-based storage business Maginatics.

WestSummit Capital, Comcast Ventures and existing backers Atlantic Bridge and VMware also took part in the financing round for the three-year-old company, which came out of stealth mode last year.

Intel Capital vice president Lisa Lambert said, “The shift from monolithic storage architectures to more agile, software-only architectures able to bridge enterprise IT with cloud is transforming the enterprise.

“MagFS enables this transition by helping companies serve highly distributed operations and seamlessly migrate workloads to the cloud.”

WestSummit co-founder and managing director Raymond Yang said, “Maginatics’ next generation enterprise storage software solutions are ideally suited for the high growth, multi-billion dollar storage market in the Asia Pacific region, particularly in China.

“Asian enterprises demand massively scalable, highly secure and low cost storage solutions optimized for today’s mobile enterprise.

“Maginatics delivers on all fronts and WestSummit is delighted to support Maginatics’ expansion into this highly strategic market.”

Yang and Intel Capital’s Dharmesh Thakker will join the company board following the deal.

Last week Meritech Capital Partners joined existing Tegile Systems stakeholder August Capital in backing a $35m Series C financing round for the electronic storage business.

The company says that unlike other businesses in the solid state device and hybrid storage space it had generated more revenue than it has taken from outside financing, rather than relying on exterior investment for working capital.

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