The next best medium of secondary storage, Cohesity, unveils itself announcing a total of $70 million in venture capital funding.
Founder of Nutanix Inc., Mohit Aron, reveals his newest company serving as a backup platform for development, analytic, computing and storage systems. Secondary storage serves as the mainframe for archives that are unattainable from computer systems.
With its secondary data platform, Cohesity intends to prevent the fragmentation and clusters of data by integrating a web mechanism that allows the convergence of these data storages for security, development, and consolidation into a single, resourceful structure. This solution is designed to serve businesses as a template for averting costly management overhead of utilizing multiple operating activities and eliminating the possibilities of redundant data copies in storage.
The company closed a Series A round of $15 million, backed by Sequoia Capital and Wing Venture Capital. Series B investors joined Cohesity's board – ARTIS Ventures and Qualcomm Incorporated (NASDAQ: QCOM), along with its venture investment group, Qualcomm Ventures, and additional investment from Accel Partners, Battery Ventures, Google Ventures, and Trinity Ventures – resulting a $55 million investment in the last following month.
According to ARTIS Ventures General Partner and Founder Stuart Peterson, "We believe Cohesity's web-scale experience and converged architecture approach is uniquely positioned to radically simplify how customers protect and use their data – an opportunity which IDC, a market intelligence firm, estimates at nearly $50 billion this year."