Enterprise storage company Exablox $22 million in funding from DCM, Norwest Venture Partners (NVP), and US Venture Partners.
Founded in 2010, Exablox recently emerged from stealth to tackle the enterprise storage market. Exablox says that that runaway costs, complicated installation, cumbersome management, and lack of data security are the primary issues not being addressed by current storage solutions.
“Companies are frustrated by being forced into expensive storage products made unbearably complex by layers of bolt-on technologies, when they simply want the solution to address their business needs, ” said Douglas Brockett, CEO, Exablox. He explains that he wanted to figure out how to do storage in the mid market and took a “third generation file approach.”
The company, whose team hails from Data Domain, Veritas, NetApp, Omneon, GreenPlum, Ocarina, and Bell Labs; is offering a cloud-managed scale-out storage solution for businesses’ valuable unstructured data.
“The NAS storage market is expected to grow to more than $12 billion by 2016 and our firm has evaluated several opportunities in this sector. Exablox stands out because it takes a differentiated approach for companies struggling to manage valuable unstructured data– an approach that has already shown early traction with customer and partner validation. The promise of the core technology combined with the team’s proven track record makes this a compelling investment opportunity,” said Matthew Howard of Norwest Venture Partners in a release.
The funding will be used to drive product development, expand partnerships, and more.