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Santa Clara: California-based Nimble Storage, provider of data storage, backup and disaster recovery device, has raised $25 million in series D funding. Artis Capital Management led the round with participation from the existing investors Accel Partners, Lightspeed Venture Partners and Sequoia Capital.
Umesh Maheshwari and Varun Mehta founded nimble Storage in 2008. The company targets data storage managers or IT generalists at companies with 200 to 500 employees who wants to combine multiple storage devices into one. They emphasize their ability to reduce data backup windows from hours or even days to seconds. Their competitors include Dell/ EqualLogic, EMC and NetApp.
Suresh Vasudevan, CEO, Nimble Storage, said that they have an accomplished team, differentiated technology, strong early sales traction and large market opportunity on which they can leverage. In November last year, they have raised their series C funding of $16 million and the total amount raised in the funding by the company is $58 million.
The product of the company is a single appliance on which customers can do both primary storage and backup. The primary storage is accessed most in the flash tier, moving to a higher-capacity disk tier when it is no longer as important. The typical Nimble Storage deployment involves two appliances: one on-site and another is off-site for disaster recovery. Due to the relative low cost and high capacity of the Nimble product, the users do not have to go through the traditional backup model of moving data from disk to tape, then archiving that tape somewhere. The data stored in their device can be easily accessed.
The fund raised will be used to help build its sales force and make a customer base for the coming years. With prior experience in early-stage executive roles at NetApp and Data Domain, the founders are comfortably driving the company by selling their product like flash in an affordable manner to a huge potential customer base of SMEs.
Suresh Vasudevan joined the company as CEO in 2011 and has served as a member of its board of directors since 2009. Prior to this, he was the CEO of Omneon. Before joining Omneon, he served as a member of the executive team at NetApp, where he used to look after the product operations. He led the product strategy and product development and was a key architect of the steady expansion of NetApp's product portfolio into new markets. Prior to NetApp, he worked at the management-consulting firm McKinsey & Co. in New Delhi, Mumbai and Chicago as a senior engagement manager. He holds an MBA from IIM Calcutta, and a BS in Electrical Engineering from the Birla Institute of Technology and Science, Pilani.
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