Technology Crossover Ventures leads latest investment to capitalize on worldwide demand for solutions to tame enterprise storage explosion
WALTHAM, Mass. – March 6, 2013 – Actifio™, the radically simple copy data storage company, today announced it has closed a $50 million investment round led by Technology Crossover Ventures (TCV), with participation from existing investors Andreessen Horowitz, ATV, Greylock Israel, and North Bridge Venture Partners, targeted towards further accelerating Actifio’s record bookings growth. With this new investment, the company will focus on accelerating long-term sustainable growth, investing in their global go-to-market model to address the $44B copy data storage market* opportunity and reshape how data is managed by the enterprise.
The investment follows a remarkable FY2012, during which the company attained critical mass with 700 percent year-over-year growth, becoming the fastest growing enterprise storage company from inception ever. Other noteworthy recent company achievements include:
- Ten consecutive quarters of double-digit sequential growth
- Storage Magazine “Product of the Year” winner Leveragable, scalable acceleration through channel partners and service providers
- Selection as one of the 50 most promising companies in America by Forbes magazine.
Rick Kimball, a veteran technology investor for 30 years and founding general partner at TCV, has joined the company’s board. Kimball said, “We’re excited to lead the next chapter in Actifio’s journey to help CIO’s deal with the storage explosion within the enterprise. Copy Data Storage is quickly becoming the world’s best platform to manage the data explosion. By simplifying IT architectures while slashing recovery times to seconds, Ash and his team have the opportunity to capture a large share of the $44 billion dollar market currently being spent on legacy tools.”
CIO’s consistently cite the management of unchecked data growth as a top priority. Many around the world are realizing that this storage explosion – along with the unmet SLA’s, extended recovery times, and complex IT environments that result from it – are symptoms of 20th century storage architectures that silo business resiliency applications, creating copies without recognizing what copies already exist.
“Copy data is everywhere – the amount of disk storage being consumed by copies — from archive, backup, test/dev, online copies for operational and disaster recovery — is a huge and growing percentage of overall storage capacity,“ said Laura Dubois, IDC Storage Research Vice President. “We estimate the magnitude of the copy data problem to be $44 Billion Dollars* in infrastructure hardware and software spending and growing. That is a staggering number and an area primed for disruptive innovation.”
By virtualizing the storage and management of data, Actifio can replace any or all of the siloed data protection and availability storage applications a company might be using, with a single system that’s purpose-built to manage copy data. Actifio creates a single, perfect copy of production data and maintains changes to that master copy in a way that gives users a simple application running in a single window to recover anything, from any time, instantly. Doing so delivers recovery times in minutes instead of hours, even for large scale application data sets, while slashing total cost of ownership by as much as 90 percent versus the traditional model.
“As we attack the storage explosion and virtualize legacy IT silos with our Copy Data Storage platform, we’re maniacally focused on one simple thing – making our users happy and successful,” said Ash Ashutosh, CEO, Actifio. “We’re absolutely humbled by the vote of confidence from our investment partners and honored to welcome TCV to the Actifio family.”
* IDC Insight document (#239875)
Supporting Quotes from Actifio’s Board of Directors
“We’ve all witnessed Actifio scale worldwide at record pace,” said Peter Levine, partner at Andreessen Horowitz. “Their formula is simple: great execution plus a huge market opportunity with a product that delivers on its promise of radical simplicity. I’ve been in this industry for two decades and I’m honored to be a part of what’s swiftly becoming one of the most influential companies in enterprise infrastructure today.”
“To be successful in the enterprise space you need a strong idea and a team that understands the market,” said Bob Hower, general partner at ATV. “From the beginning Actifio has understood these key success factors and has delivered a solution that positively impacts the lives of its users. This is what great technology brands are made of.”
“Re-architecting 20 years of storage silos into an efficient consumer-grade storage solution is a very difficult engineering feat that Actifio has pulled off flawlessly,” said Erez Ofer, partner, Greylock Israel. “Actifio has the right team and patented technology to bring data management into the 21st century and capitalize on this tremendous market opportunity. They are delivering the world’s fastest backup and disaster recovery solutions for virtual and physical applications.”
North Bridge Venture Partners
“Actifio has done a remarkable job solving one of the biggest IT problems today — enterprises storing multiple duplicate copies of data far in excess of what they actually need to protect their business,” said Jamie Goldstein, general partner at North Bridge Venture Partners. “We’ve been pleased to partner with Actifio since the beginning and help with the progression from vision to now being a formidable competitor in the storage space.”
Jit Saxena – Independent BOD Member
“Actifio took the raw ingredients to create the next multi-billion dollar company and after just two short years executed well beyond expectations,” said Jit Saxena, co-founder and former CEO of Netezza Corp. “I’m proud of Ash and the team who have established the copy data marketing and are swiftly taking share from the established incumbents.”
* IDC Insight document (#239875)
Actifio is radically simple copy data management. Our copy data storage platform lets businesses recover anything instantly, for up to 90% less. Actifio eliminates siloed data protection applications, virtualizing data management to deliver an application-centric, SLA-driven solution that decouples the management of data from storage, network and server infrastructure. Actifio has helped liberate IT organizations and service providers of all sizes from vendor lock-in and the management challenges associated with exploding data growth. Actifio is headquartered in Waltham, Mass., with offices around the world. For more information, please visit https://www.actifio.com/ or email email@example.com.