Monday, June 11, 2018

Cohesity pulls in $250 million for its hyperconverged secondary storage

Cohesity, a start-up based in San Jose, California, raised $250 million in an oversubscribed Series D funding round led by the SoftBank Vision Fund with strong participation from strategic investors Cisco Investments, Hewlett Packard Enterprise (HPE), and Morgan Stanley Expansion Capital, along with early investor Sequoia Capital and others.

Cohesity specializes in hyperconverged secondary storage. Its hyperconverged appliance consolidates all secondary data and associated management functions on one unified solution, including backups, files, objects, test/dev copies, and analytics.

“My vision has always been to provide enterprises with cloud-like simplicity for their many fragmented applications and data – backup, test and development, analytics, and more,” said Cohesity CEO and Founder Mohit Aron. “Cohesity has built significant momentum and market share during the last 12 months and we are just getting started. We succeed because our customers are some of the world’s brightest and most fanatical IT organizations and are an extension of our development efforts.”

Cohesity said its annual revenues surged 600% from 2016 to 2017. In the last two quarters, over 200 new enterprise customers selected Cohesity, including Air Bud Entertainment, AutoNation, BC Oil and Gas Commission, Bungie, Harris Teeter, Hyatt, Kelly Services, LendingClub, Piedmont Healthcare, Schneider Electric, the San Francisco Giants, TCF Bank, the U.S. Department of Energy, the U.S. Air Force, and WestLotto.

The latest $250 million round brings total funding in Cohesity to $410 million.

“We backed Mohit at his previous firm, Nutanix, and are proud to support him again at Cohesity. The company has a smart and timely vision for radically simplifying secondary data for large customers, which is part of a broader move by enterprises toward hybrid-cloud infrastructure. We believe Cohesity is armed with the right team and product to attack this large and growing market,” said Neeraj Agrawal, general partner, Battery Ventures.

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