Actifio, a Boston-based enterprise data storage startup, will announce on Monday that it has secured $100 million in a new funding at an implied valuation of more than $1.1 billion.
The round is led by Tiger Global Management, the New York-based private equity firm, with participation by its previous investors, including North Bridge, Greylock IL, the Israeli branch of Greylock Partners, Advanced Technology Ventures, Andreessen Horowitz, and Technology Crossover Ventures.
Actifio’s approach to enterprise storage is by eliminating most of the extra copies of data that’s being used. A lot of those copies aren’t needed, and so one thing Actifio does is eliminate the need for creating those extra copies. The market research firm IDC has estimated that companies spend as much as $46 billion to store about 48 exabytes of data they wouldn’t otherwise need. Not only is that extra spending that could be saved, but it also means existing storage infrastructure can be put to more productive use.
“We eliminate a lot of the copies that companies keep of their data,” CEO Ash Ashutosh told me in an interview last week. “All the infrastructure that goes into making up and managing copies is no longer needed. Our technology cuts down on the footprint required.”
While he wouldn’t disclose revenue figures, Ashutosh said the company’s bookings grew year-on-year by 182 percent, and that it now has 300 enterprise customers in 31 countries. Its customers include Dassault Systèmes, the French producer of 3D modeling software that is a unit of the Dassault Group.
The new round brings Actifio’s total funding to $207 million. Ashutosh says he wants to take Actifio public, but that it likely won’t happen before next year.