CloudByte Pockets '24 Crores in Series B Funding
Date: Monday , July 01, 2013
CloudByte, a provider of software defined storage in the cloud, has raises its second round of funding to the tune of Rs.24 crores, bringing the total funding to Rs.35 Crores. The round was led by Fidelity Growth Partners India, the private equity arm of Fidelity Worldwide Investment (Fidelity), along-with existing investors Nexus Venture Partners and Kae Capital. The company was founded by Srivibhavan Balaram and Felix Xavier, who serve as the COO and the CTO of the company respectively.
CloudByte plans to use the raised funds for expanding global sales and marketing in addition to product development. Additionally, Raul Rai, MD of Fidelity, will join the board of directors for CloudByte.
The company’s ElastiStor storage technology, shipping since January, and its applicability for both cloud storage providers and enterprise private clouds had a huge role to play in the investment decision. “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,” says Rai.
“We are building the next generation of storage virtualization solution. The solution is disruptive and will change the way storage is deployed and consumed in the cloud - private and public. Our management team is world class in global technology and business development,” says Balaram.
There is a fundamental shift in storage industry to a cloud based model, giving both cloud service providers and enterprises the flexibility and scale without betting a lot of money. Recently, the company appointed former SanDisk General Manager Greg Goelz as its Chief Executive Officer. CloudByte ElastiStor has been verified to work with leading technology platforms, including VMware ESXi, Citrix XenServer, and Citrix CloudPlatform, and is now integrated with OpenStack block storage Cinder. The company has offices in California and Bangalore.