Actifio Raises $100 Million Round on a Valuation of $1 Billion
March 26, 2014
Data storage virtualization company Actifio announced on Monday that it has raised a massive $100 million round of funding on a valuation of $1 billion. The round was led by Tiger Capital Management, a hedge fund company, with participation from local firm North Bridge, Greylock Partners, Andreessen Horowitz, Advanced Technology Ventures and Technology Crossover Ventures.
The Waltham, Mass.-based startup will use the freshly pocketed capital to accelerate its expansion of market coverage, boost global brand development and enhance product features for its data management and storage solution.
The new funding comes on top of an impressive year for Actifio. The company saw 182 percent year-over-year bookings growth in 2013. Further, Actifio has customers in 31 countries, with 44 percent of its total bookings coming from outside of the U.S.
“Companies across every industry are struggling not only to protect data, but to put it to work; to provide deeper insight, improve service, increase sales, and enhance profitability. Actifio’s copy data virtualization makes data available when and where you need it, just as server virtualization did for compute in current generation of data centers. In the data center of the future, that’s going to be a very big deal,” stated Andreessen Horowitz partner Peter Levine in the release.
Actifio’s Copy Data Storage solution aims to minimize the scale of duplicate data companies have to deal with by a technique known as data virtualization, which effectively manages the interactions of various applications with the data set. In the process, the company cuts data management costs for enterprises by up to 90 percent.
“From the start we have focused on building the next great technology brand with a singular focus on delighting our customers with revolutionary technology, enterprise-class service, and transformative business results,” said Ash Ashutosh, Actifio founder and CEO, in the release.
Rumors of Actifio’s IPO began bubbling up in May 2012, when Boston branding expert Mike Troiano joined the team as CMO. In early March 2013, Actifio raised $50 million in Series Dat a roughly $500 million valuation. While there was no word of a public offering in Monday’s news, it seems likely an IPO is in the company’s future. (A year ago, Ashutosh said that the company was targeting 2014 for its public offering.)
This round brings Actifio’s total financing to $207.5 million.