Wednesday, April 23, 2014

Pure Storage Raises $225M at $3 Billion Valuation

Pure Storage, a start-up based in Mountain View, California, closed a $225 million Series F funding round, at a pre-money valuation of over $3 billion, to support its all-flash enterprise storage array strategy.  The round included contributions from previous public market investors including T. Rowe Price Associates, Inc. and Tiger Global and new investor, Wellington Management Company. The round also included participation from prior venture capital investors Greylock Partners, Index Ventures, Redpoint Ventures, and Sutter Hill Ventures. The new funding brings the company’s total capital raised to $470 million to date.

Pure Storage offers all-flash enterprise arrays for high performance workloads, including server virtualization, desktop virtualization (VDI), database (OLTP, real-time analytics) and cloud computing.  The company's approach combines proprietary data deduplication and compression technologies with affordable multi-level cell (MLC) flash memory.

“This financing at over a $3 billion pre-money valuation is a huge milestone for Pure Storage,” said Scott Dietzen, Pure Storage, CEO. "Yes, it reinforces the health and standout growth of our business to date, but more importantly, the disruptive potential of an all-flash array that costs less than disk going forward. In 2014, no one should be buying mechanical disk to run databases or virtual machines. Our additional funding ensures that many more businesses will get the ten-fold performance acceleration and power savings of Pure Storage. With our top-quality investors and partners, Pure is well positioned for long-term independence and ultimately to lead the ferociously competitive storage market as we leave the mechanical legacy behind.”

http://www.purestorage.com

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