SHARING AMERICA'S TECH NEWS FROM THE VALLEY TO THE ALLEY
July 12, 2013 courtesy Red Herring Editorial Team
Big data is the next revolution in business, and Scality strives to turn the industry on its head through a low pricing model that uses multiple distribution points for an easily scalable system that never needs to go offline to evolve. The company offers reliable and backed up storage for roughly 2 cents GB/per month, less than half the cost of larger cloud players like Amazon, making a high performance private cloud an affordable reality.
Now the company has raised a Series C $22 million round led by Menlo Ventures and Iris Capital, with participation from FSN PME and all existing investors, including Idinvest Partners, OMNES Capital and Galileo Partners. The new funding will fuel global marketing efforts as well to spur research and development.
Scality’s RING Organic Solution provides petabyte-scale storage that distributes data across multiple references to eliminate the risk of failure or the need to go offline. One of the company’s first customers, Telenet, signed in July of 2010, has multiplied its data center capacity more than 10 times yet has had to shut down a data center in order to update its systems. “Every hard drive will fail at some point, but we move the data around based on drive functionality so we create a system that is extremely autonomous,” Jerome Lecat, CEO of Scality, told Red Herring.
Selling technology since 2010, the company four of the top 10 cable operators in the U.S. and leading telecom companies in France, Italy, Germany, and the UK as clients. Adoption is steamrolling at 500 percent year over year growth.
“Our investors are a perfect match for the DNA of the company: They share our vision for the future of data storage and they understand the global market place,” Lecat said in a statement. “I have managed several start-ups, but this is the first time I have seen a 5x sales growth on an annual basis. A disruption is happening in the market and we are driving it. This is very exciting. We are going to continue growing and are recruiting to sustain this growth including increasing our investment in R&D.”
Facing a $100 billion storage market, Scality meets a price point unequaled in the industry with an attractive scalable model.
This latest round brings Scality’s total funding to $35 million. It has offices in San Francisco, Paris, New York, Washington DC, and Tokyo.
“The growth opportunity in the software storage market is very exciting for us,” said Doug Carlisle, managing director, Menlo Ventures. “The intersection of Mobile, Social, Big Data and Cloud Infrastructure is creating a disruption in technology innovation. Scality is leading the disruption in software defined storage technology. Since its introduction in 2010, Scality’s RING software storage product has seen rapid adoption by companies eager to try a new storage approach. We look forward to watching Scality continue to innovate in data storage solutions for the web scale infrastructure markets.”
Scality was a 2012 Red Herring Top 100 North America winner in 2012.
Thank you, TiA