|By Jeremy Geelan||
|August 20, 2013 08:30 AM EDT||
“Our proven technology is displacing legacy boxes that were designed for yesterday’s storage needs across a wide range of industries. What they have in common is breakneck growth of storage needs that were poorly addressed by old-fashioned products from EMC and others," said John Morris, president and CEO of Cleversafe, as announced that the company has secured $55 million in funding to support its growth momentum, achieved by its breakthrough technology’s cost-saving solution for massive-scale, high-growth storage needs
"There are thousands of customers like that and with this round of funding, we’ll expand our coverage of the market so that we can reach many more of them,” Morris continued, before adding:
“There is a fast-growing hunger for efficient, cost-effective solutions to manage massive volumes of data, and Cleversafe’s solution completely disrupts the economics of storage at a petabyte-scale,” .
This Series D funding round, which was oversubscribed, was led by industry leader New Enterprise Associates (NEA) with participation from all major existing investors, as well as new investor New World Ventures.
In conjunction with the financing, NEA’s Managing General Partner Peter Barris (pictured above) joins Cleversafe’s Board of Directors.