Scality Brings Total to $80 Million with Series D Funding Round
Software-based storage vendor Scality has completed its Series D funding round, netting the company an additional $45 million from its investment partners.
Software-based storage vendor Scality has completed its Series D funding round, netting the company an additional $45 million from its investment partners.
The company’s funds, which now total $80 million, will be used to increase its North American sales force, expand internationally and provide additional support for resellers, according to the announcement. Scality plans to use the investment also to fuel an anticipated initial public offering in 2017.
Scality has grown significantly since it received $22 million in Series C funding in July 2013, with its revenue increasing 400 percent and its employee base more than tripling. The company also expanded its offerings to new customers via a distribution agreement with Hewlwtt-Packard in October as well as a new deal to provide its RING software to Dell partners.
Existing investors Menlo Ventures and new strategic partner BroadBand Tower were major players in the $45 million investment. Scality said 65 percent of its staff also contributed to the funding.
“This latest funding round comes at a time when Scality and the software-defined storage industry are poised to attract billions of dollars from customers that are rethinking their storage strategies,” said Jerome Lecat, Scality CEO, in a statement. “This new capital investment will allow us to massively boost our go-to-market, attract strategic new hires, continue to expand globally and be primed for a successful IPO by 2017.”
Earlier this month, rival storage provider Pure Storage filed paperwork with the U.S. Securities and Exchange Commission for an initial public offering later this year. The company currently has $531 million in investment capital and boasts a $3 billion valuation.
