CloudByte raises $4 million Series B round from Fidelity Growth Partners India with participation from existing investors
CloudByte, an Indian technology product company which offers software-defined storage, announced today that it has raised $4 million in its second round of funding, bringing the total funding to $6.1 million. The Series B funding round was led by Fidelity Growth Partners India, the private equity arm of Fidelity Worldwide Investment (Fidelity), with participation from existing investors Nexus Venture Partners and Kae Capital. CloudByte had raised $ 2.1 million in Series A funding from Nexus and Kae Kapital earlier.
The company has been shipping its ElastiStor storage technology since January and its applicability for both cloud storage providers and enterprise private clouds was a great attraction for investment. CloudByte claims that it has got a greater traction than many other companies that have raised much larger rounds of funding. They believed that this also worked in their favor in raising this round.Funds from this new investment will be used for expanding global sales and marketing in addition to product development. Headcount additions will help the company support the growing customer demand and increase the market awareness of its award-winning software-defined storage solution. Raul Rai, managing director with Fidelity Growth Partners India who will be joining the CloudByte board of directors said, “It is refreshing to see what CloudByte has accomplished in a short period of time and we are looking forward to the company’s continued success and expansion into new markets.”
“The support we have received from Fidelity, as well as our existing investors, is a testimony to our tremendous market opportunity and the success we are already having in this market,” said Greg Goelz, who was appointed earlier this month as CEO of CloudByte.
CloudByte was founded in 2011 by a team of senior technology professionals with vast experience and a background in creating, developing and managing products in cloud storage and security technology areas. It is headquartered in San Mateo, CA, USA with its engineering team based in Bangalore, India. CloudByte’s patented storage QoS solution gives its customers the ability to deliver scalable on-demand performance from commodity storage components, both HDDs and SSDs, for a range of application needs. It is the first company to guarantee quality of service (QoS) to every application from a shared storage platform.