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Enterprise storage company Tintri hits $60m in funding

24 Jul 2012

Tintri, a producer of VM-aware enterprise storage appliances, has closed an oversubscribed $25m funding round, led by Menlo Ventures, and joined by existing investors NEA and Lightspeed Venture Partners.

This latest round brings the company’s total capital raised to over $60m. Tintri said it plans to use the additional funding to accelerate both R&D and sales operations, as well as to support its global expansion.

Since its March 2011 launch the company has grown at an average quarterly rate of 100 per cent since that time and has a customer base of over 100 companies industries such as consumer electronics, entertainment, financial services, healthcare, and technology, and companies such as Alliance Bank, Digital Chocolate, F5 Networks, Mitsubishi Electric Information Network Corporation, Northwestern University.

“As the data center becomes increasingly virtualised, enterprise storage is undergoing a drastic transformation, which has created a fantastic opportunity for innovative new companies,” said Mark Siegel, managing director for Menlo Ventures. “Tintri is clearly at the forefront of redefining enterprise storage with its VM-aware approach. It’s impressive to see how quickly they’ve gained market traction since their launch. We believe our firm’s deep domain expertise in storage complements Tintri’s long-term goals. We are excited to join Tintri as they continue to shake up the established order and extend the benefits of virtualization from the server side to storage.”

“There is an ever-growing demand for VM-aware storage that supports broad virtualization deployments and changes the data center economics,” added Kieran Harty, Tintri CEO. “This investment validates the success and innovation we have achieved to date and the enormous market opportunity. With the additional funding, we will be able to accelerate our efforts to help our customers’ transition from legacy storage to VM-aware storage.”

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