Original URL: https://www.theregister.com/2014/03/24/actifio_gets_100_million_cash_pot/
Storage weight-loss wonder Actifio slurps $100 million cash pot
Copy reduction startup gets business expansion cash
Posted in Storage, 24th March 2014 12:02 GMT
File copy reduction startup Actifio has just been give $100m in a funding round to grow its business.
Its Copy Data Storage platform product makes a master snapshot copy of production data and presents virtualised copies of it for test and dev, protection, business continuity, disaster recovery, archiving and analytics use.
This one master copy can replace 20 or more full scale copies of production data scattered around an enterprise at department and business unit level, saving on storage capacity and copy production and networking resources. As far as we know it has no direct competition, although, we are convinced, mainstream vendors are working on reproducing the technology.
V6.0 of its product was announced in August, 2013, and included features for cloud service providers (CSPs). Actifio has had a successful 2013 and claims:
- it grew bookings 182 per cent year-on-year from 2012 to 2013,
- more than 300 enterprise customers in 20 countries worldwide,
- 25 CSPs use its products and
- 40 per cent of bookings are now outside the USA.
The cash will be used in part to fund further expansion outside the US, with the UK and Europe featuring in its plans, it said.
The funding history looks like this:
- Founded in 2008
- Mid-2009: $4m of desired A-round of $8m
- First half of 2010: remaining $4m
- Second half of 2010: $16m B-round
- December 2011: $33.5m C-round
- March 2013: $50m D-round
- March 2014: $100m E-round
Total funding now stands at $207.5m. Actifio says it’s looking at a $44bn market. If this is true and it gets a significant chunk of it, say a third, then that’s nearly $15bn that won’t be going to storage hardware capacity suppliers.
If we really see market shrinkage anywhere near that level, some of them might look to buy Actifio to try to stem damage to its own revenues or, if it’s a storage software company, to significantly boost its own revenues by pumping Actifio product out through its own channels..
Techcrunch reports it’s preparing for an IPO and currently has a $1.1bn valuation. We reported earlier this year that it was expecting to achieve a $100m annual revenue run rate this year. IPO in 2015? Reckon so, unless someone buys it before then. ®