Qumulo 'cumulates mad dollar through VCs with Chinese connection

Lucky filer startup swimming down cash river

Scale-out filer startup Qumulo has gained another $30m in funding less than a year after getting $32.5m. Either it's burning cash in a development conflagration or the VCs are keen about its prospects under a new CEO and want to help it build its infrastructure and develop its product tech fast.

Here's this lucky startup's founding and funding history:

2011 2012 2013 2014 2015 2016 2017
Founded $2.3m/$24.5m seed/A-round     $40m B-round $32.5m C-round $30m C-prime round

Qumulo has averaged $34.2m funding a year from 2015 to 2017 and says total funding is now more than $130m. The new cash will support the growth of its scale-out storage product and rapid expansion into vertical industries in North America, Europe and Asia.

The keen VCs in this oversubscribed C Prime funding round were led by new investors Northern Light Venture Capital (NLVC) and other strategic investors, with participation from existing investors Kleiner Perkins Caufield & Byers (KPCB), Madrona Venture Group, Top Tier Capital Partners, and Tyche Partners.

NLVC is a China-focused venture capital firm, suggesting Qumulo is looking at growing sales across the Great Wall of China.

We're told the company has experienced 425 per cent year-over-year growth in petabytes shipped to customers. That's a pretty steep curve. We imagine it's got pretty steep new customer acquisition and revenue curves as well. If the VCs know what they are doing then Qumulo is a company to watch. ®


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