Tuesday Feb 12, 2013 by Dennis Keohane - Contributor, VentureFizz
Cambridge-based Infinio Systems announced a new round of funding this morning. The $10 million Series A investment brings the company’s total investments to date to $12 million. The latest round of funding was led by Highland Capital Partners and Bessemer Venture Partners.
Infinio, formerly SilverLining Systems, aims to improve the performance of data storage software. Launching later this year, Infinio will use the new funding for marketing, product development, and a series of key new hires.
Originally started by Vishal Misra, a tenured Columbia computer science professor, and his fellow researchers, Infinio has Arun Agarwal, formerly of Endeca, as a Co-Founder & CEO. As part of the latest round of funding, Highland’s Sean Dalton and Bessemer’s Felda Hardymon will join Infinio’s board of directors.
With offices in both Cambridge and New York, the company is positioned to make an enormous impact in the world of virtual storage. Currently, one of the major issues that hamper storage management facilities is the problematic performance of current hardware and software. “Storage systems represent a huge portion of IT budgets, and too often, data center managers find themselves buying more hardware in an effort to improve performance, even when they have plenty of storage space.” Agarwal said in a press release. “We’re building a software product that will help solve that problem.”
The latest round of funding makes Highland and Bessemer two of the largest investors in a pool that includes earlier funding from Lightspeed Venture Partners, Cambridge’s Founder Collective, the NYC Seed Fund, as well as a group of angel investors.