TEL AVIV, Israel--(BUSINESS WIRE)--XtremIO, developer of next generation storage solutions based on Solid State technology, announced today that it has secured a $14 million financing round led by Battery Ventures, with participation from existing investors Giza Venture Capital and Jerusalem Venture Partners (JVP). XtremIO will apply the capital to accelerate product engineering and deliver its breakthrough solution to the Enterprise storage market.
Storage and I/O performance represent a major bottleneck to many IT applications and processes. The challenge is further amplified by the virtualization of modern data centers and the growing need for faster processing of larger amounts of data. XtremIO addresses these challenges with its breakthrough storage solution based on an innovative architecture and storage algorithms, and utilizing flash memory solid-state drive (SSD) technologies.
“We’ve been passionate investors in Enterprise IT since our founding days as a firm, and it’s extremely exciting to see such powerful advances in solid-state storage emerging today," said Itzik Parnafes, Partner, Battery Ventures. “XtremIO is innovation at its best. Their unique architecture and algorithms combine to address the performance, efficiency and cost challenges for customers in a truly elegant way. I am looking forward to working closely with XtremIO’s team which represents the best in entrepreneurship, combining creativity, relentlessness, and proven track records in turning innovation into successful businesses.”
Ehud Rokach, CEO, XtremIO: "We are honored to have Battery Ventures as an investor and board member as we work to deliver our product to the market and help our customers address key business challenges and data center pain points. Leveraging flash memory SSD technologies in new ways, we are able to offer the rare combination of extreme performance, extreme efficiency, and an extremely strong business case.”
XtremIO offers Enterprise storage solutions that enable dramatic application acceleration, higher levels of consolidation, simplified operations, and cost reduction.
"We are proud to continue working together to support XtremIO and its management team," said current investors Eyal Niv, Managing Director, Giza Venture Capital and Kobi Rozengarten, General Partner, JVP. "The company continues to see an increasing level of interest in its SSD-based storage system and rapidly growing market recognition as to the important role SSD storage technology is expected to have in Data Centers."
About XtremIO
XtremIO develops breakthrough Enterprise storage system solutions based on innovative architecture and storage algorithms, utilizing solid-state drive (SSD) technologies. Our storage solutions address the growing challenges of modern IT infrastructure, creating value for our customers through dramatic gains in performance, efficiency, operational flexibility, and cost reduction. For further information, please contact us at info@xtremio.com.
About Battery Ventures
Since 1983, Battery has been investing in technology and innovation worldwide. The firm partners with entrepreneurs and management teams across technology sectors, geographies and stages of a company’s life, from start-up and expansion financing, to growth equity and buyouts.
Battery has supported many breakthrough companies in Israel and around the world, including: Akamai Technologies (NASDAQ: AKAM), Groupon, ITA Software (acquired by Google), Kashya (acquired by EMC), MetroPCS (NYSE: PCS), RADNET (acquired by Siemens) and Veraz Networks (NASDAQ: VRAZ). Its current portfolio includes companies such as Anobit Technologies, cVidya, Panaya, Pursway and ZeRTO.
From offices in Boston, Silicon Valley and Herzliya, Battery manages $4B in committed capital, including its current fund of $750M. For more information, visit www.battery.com. Follow Battery on Twitter @BatteryVentures.
About JVP
JVP is one of the leading venture capital funds in Israel. The fund operates from Jerusalem and manages over $780 million. JVP focuses on building market leaders in the fields of digital media technology, including gaming and virtual worlds, mobile media, software and hardware applications and Internet advertising. With leading industry venture partners and consultants in New York, Los Angeles and Europe and an international network of strategic partners, JVP leverages its unique market expertise, its dedicated management team and substantial capital base to build companies with the potential of shaping the global markets.
About Giza Venture Capital
Giza Venture Capital established in 1992, is a pioneer investor in seed and early-stage technology companies and currently manages five funds totaling over $600 million.
Giza's investment professionals have a wealth of expertise and experience in Communications, Semiconductors, Information Technology, Enterprise Software, Life Sciences, CleanTech, Media, Internet & Entertainment. This expertise empowers the team's decision-making and problem solving capabilities and accounts for the Fund's hands-on approach in working closely with its portfolio companies. Giza has invested in 87 companies in the sectors of Communications, Information Technology, Enterprise Software and Life Sciences. Giza's vision in recognizing future technology leaders has led to over 30 successful exits.