Cohesity, a California-based startup that provides cloud-based secondary data storage, raised a $250 million Series D yesterday. The round was led by the SoftBank Vision Fund, with participation from Cisco investments, Hewlett Packard Enterprise, Morgan Stanley Expansion Capital, and others.
Founded in 2013, Cohesity offers a “web scale” data platform which allows for consolidating and storing secondary data, per the company’s funding announcement.
According to Crunchbase, the latest infusion of capital is almost triple the $90 million that the company raised last year. Prior to that, the company raised $55 million and $15 million in its 2015 Series B and 2013 Series A, respectively.
Cloud storage service is ubiquitous today. Companies like Google, Amazon, and Microsoft all offer plausibly similar products. The cloud storage space is so hot that even the cryptocurrency market has paid attention. Late last year, Filecoin, a blockchain-based data storage network, completed its initial coin offering totalling $257 million. If that product will mature into something enterprise-grade, however, we have yet to see.
Cohesity believes that its competitive edge stems from what it calls the “only hyperconverged platform.” According to Cohensity, the technology may increase the efficiency of data management and data storage. By consolidating all secondary data, hyperconverged storage reduces the need to have multiple copies of the same information, possibly making it easier to access, recover, and analyze.
Although the concept of hyperconverged storage itself can be challenging to understand (it’s word salad), it has certainly attracted investor interest.
According to Cohesity, the $250 million will “power [its] large-scale global expansion.”
From The Crunchbase Daily:
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Cohesity, a provider of hyperconverged secondary storage technology, has closed a $250 million Series D funding round led by SoftBank and joined by Cisco, Hewlett Packard Enterprise, and others. The new financing brings total funding for the San Jose-based company to more than $400 million.
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