Waltham data management firm Actifio raises $100 million; company valued at $1B
March 26, 2014
Actifio, a data management firm based in Waltham, announced Monday it has raised $100 million in funding from investors including Andreessen Horowitz and North Bridge, bringing the company’s valuation to $1 billion.
The money will be used to accelerate expansion of market coverage, global brand development, and to enhance product features, according to a release.
The round was led by Tiger Capital Management and included existing investors North Bridge, Advanced Technology Ventures, Greylock IL and Technology Crossover Ventures.
Actifio’s software-as-a-service aims to cut data management costs by up to 90 percent while also simplifying the process involved. The service revolves around drastically reducing the number of copies a company needs to make of its data, while ensuring the data is still accessible and protected.
The company, founded in 2009, has raised $207 million to date. Actifio employs nearly 250 worldwide, with 100 of those in Waltham.
CEO Ash Ashutosh said late last year the company expected to add 50 people to its Massachusetts staff in 2014.