Infinio, the virtual storage performance solution company, announced a $12 million Series B round of financing today.
The latest round is led by a group of previous Infinio investors that includes Bessemer Venture Partners, Highland Capital Partners, Lightspeed Venture Partners, and Osage University Partners. (Osage is a partner of Columbia University, where Infinio founder Vishal Misra serves as a computer science professor and led a group of researchers to create SilverLining Systems, later rebranded as Infinio.)
In total, Infinio has raised $24M for its "downloadable" storage performance products including Infinio Accelerator 1.0, which was publicly launched in November. The company's vision is to shake up a market that has long been dominated by hardware solutions. Its cost-effective software performance solution has attracted a lot of interest as it has been made available for use in a variety of sectors.
As Co-Founder and CEO Arun Agarwal commented, “It’s been a great year for Infinio. On the day we launched, we already had one paying customer, and have added more steadily in the weeks since GA."
"Earlier this year," he added, "we were honored to win two awards, one recognizing our product’s innovation [as a finalist for VMworld's 'Best New Technology'] and one recognizing our momentum as a start-up to watch[by MassTLC]. We have a proven product, a diverse customer base, a talented team of employees, and now an even stronger financial position going into 2014.”
In the press release announcing the deal, Bessemer's Felda Hardymon said, “We placed our first bet on the Infinio team because they had a clearly differentiated idea with the potential to serve a broad market. Since then, they’ve developed that idea into a solid product now serving real-world customers in five different industries."
"Such breadth," he continued, "is impressive for a company in the market less than two months, and is the type of momentum that suggests a truly massive opportunity."
"Bessemer manages a very large fund, and one of our key strategies is to double down on winners like Infinio.”
Dennis Keohane is a staff writer for VentureFizz. You can follow Dennis on Twitter (@DBKeohane) by clicking here.