[Funding alert] Ideaspring Capital invests close to $1M in cloud data management startup Nimesa Technologies
Ideaspring Capital, a venture capital fund, which invests in early-stage enterprise product startups, has invested close to $1 million inTechnology Pvt Ltd, a startup that has developed a cloud-native data protection software which improves recovery time multi-fold.
Nimesa was co-founded by Tapesh Goyal and Rajesh Vaidhyanathan, both having expertise in storage and data management verticals.
With the increasing adoption of cloud by enterprises, critical workloads are moving to the cloud. At the same time, cyber-attacks have become one of the largest business risks and pose the most menacing threat to enterprises. Its costs are projected to reach $20 billion by 2021.
This is resulting in an increasing demand for robust enterprise-class data protection software for the cloud.
Traditional data protection products are very slow, complex, and not built to recover large amounts of data from backup targets, which is required if an organisation suffers from intelligent attacks such as ransomware. Non-verified backup data sits dormant, waiting for a disaster to strike, taking up precious storage space.
Increasingly, organisations are also looking for added value from their backup data, making it available for other non-production uses such as test and development, business analytics, reporting, and e-discovery.
According to IDC, this year, 30 percent of large enterprises will adopt better data protection methods and use backup copies for more than just disaster recovery.
Nimesa’s patent-pending ADM virtualisation technology creates an instant virtual copy of servers, databases, and critical applications. This allows users to create full backups and recovery from those virtual copies within minutes as opposed to hours/days. This solution is 3X cost-effective and reliable than current solutions in the market. Current solutions, which creates physical copies of data, not only takes more time for each copy, but also more storage space.
“As businesses are migrating their critical workloads in the cloud and most of the new businesses being cloud-native and vulnerable to increase in cyber-attacks, a robust enterprise-grade data protection system for the cloud-native workload is mandatory. At Nimesa, we are building cloud-native, enterprise-grade data protection, copy data management product which is scalable, highly secure, cost-effective, and simple to use,” says Tapesh Goyal, CEO and Co-founder of Nimesa.
According to Gartner, it would be a $50 billion IAAS market growing at 24 percent year-on-year by 2020. Customers need to protect their mission-critical workloads in the public cloud as well. Traditional backup methods do not fit very well in the cloud and need a new cloud-native architecture.
“The Nimesa team has built an innovative product that overcomes issues with traditional backup methods. With the increasing threat of cyber-attacks, it has become necessary for enterprises to have robust data protection processes in place,” said Naganand Doraswamy, MD, Ideaspring Capital.
(Edited by Javed Gaihlot)