Data

With SoftBank In Tow, Cohesity Raised $250 Million To Upscale Its Cloud Storage Business

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.

Follow Crunchbase News on Twitter & Facebook

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:

Bitmain, the leading developer of application-specific integrated circuits for mining bitcoin, has reportedly raised a $400 million late-stage funding round led by Sequoia Capital China. The fundraise comes amid planning for a potential IPO that could value the China-based company at over $30 billion.

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.

Utah ranks sixth in the nation for per-capita venture dollar volume, and boasts both young unicorns and fast-growing public tech companies. However, funding totals over the past few years also show the state’s startup scene has more bumps in its road than you might expect.

In-Q-Tel, the venture capital arm of the CIA, has made over 170 known investments in startups over the years, including many later snapped up by large-cap tech acquirers. Crunchbase News takes a look at what they’ve been buying.

iStockPhoto / berya113