Hybrid cloud storage solution provider Avere ropes in $20 Million in Series D funding

Avere ropes in $20 Million in Series D funding.png

Following the league of other startups to announce acquisitions, investments and funding, Pittsburgh-based Avere systems also announced its new raise of $20 million in Venture Capital led by Western Digital capital. This series D funding now adds up the total investment in this company to $72 million. Avere Systems that provides hybrid cloud storage solutions was also backed by previous investors Lightspeed Venture Partners, Norwest Venture Partners, Menlo Ventures and Tenaya Partners. The funding will be invested in sales and marketing, as well as leveraging the cloud solutions they provide.

Like any other storage vendor, Avere also provides flexible storage solutions spanning over a wide range of storage technologies (RAM to SSD, SAS to SATA). Avere has products that suits varied purposes, cases and customers. In coming to terms with reality of hybrid cloud storage solutions’ future, CEO Ron Binachini says :

The reality for 99% of enterprises is they will operate increasingly in a hybrid IT storage environment for many years to come. This means that no single storage technology will win, and both on-premise and cloud storage will be required to achieve cost and performance goals.

Managing partner at Menlo Ventures, John Jarve said ” We are impressed with the Avere management team’s continued ability to execute on its plan to make hybrid cloud storage a reality for enterprises. Now that the company has proven to deliver NAS-quality performance in a hybrid cloud environment, we expect mainstream enterprises to adopt this new technology at a rapid rate over the next 18-24 months.”

Avere systems is significantly working to bring about a change in the economics of data storage. It is Avere’s hybrid cloud solutions that have put an end to costly and complex data storage for the first time. Avere gives its customers the freedom to store files anywhere they wish to or within the premises without having to give up on its performance, security or availability of the data.

Managing Partner of Norwest venture Partners Matthew Howard quoted “Over the course of the past five years, Avere Systems has developed and refined unique technology to change how storage is delivered.We are pleased with Avere’s success and are proud to provide follow-on investments in the company as it further establishes its industry leadership.”

However, the catch is there are many already with similar solutions in the market. Only time will say who wins the game! Till then, it will definitely be an interesting ride to watch.

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