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Qumulo Announces $30 Million in Funding to Address Rising Demand for Modern Scale-Out Storage

Qumulo, the leader in modern scale-out storage, today announced that it has closed $30 million in funding, bringing the total to date over $130 million. The oversubscribed C Prime funding round was led by new investors Northern Light Venture Capital and other strategic investors, with participation from existing investors Kleiner Perkins Caufield & Byers (KPCB)Madrona Venture GroupTop Tier Capital Partners, and Tyche Partners. Qumulo will use the funding to fuel market and global expansion. 

Today's news follows the recent appointments of EMC Isilon veteran Bill Richter as chief executive officer, Eric Scollard as vice president of worldwide sales, and Jay Wampold as vice president of marketing, adding to the world-class engineering team built by Founder and CTO Peter Godman and Chief Scientist Neal Fachan. With a powerhouse executive team experienced at building and scaling large, category-leading companies, Qumulo is becoming the de facto standard in the race to replace legacy storage. As a result, the company has experienced 425 percent year-over-year growth in petabytes shipped to customers, or enough storage to play digital music for 150,000 years.

"Customers have been very vocal with us about the need to address the scalability crisis they face as the rapid growth of their file-based data exceeds the capabilities of legacy scale-out storage," said Bill Richter, CEO of Qumulo. "Qumulo is delivering modern scale-out storage to serve the new era of multi-petabyte data storage on-premises and in the cloud."

Qumulo's new funding will support the growth of its enterprise-ready, scale-out storage solution, and rapid expansion into vertical industries in North America, Europe and Asia.

"We are seeing a massive explosion in digital file data worldwide," said Feng Deng, Founding Managing Director of Northern Light Venture Capital. "Qumulo addresses the challenge of unstructured data growth and management that incumbents have found impossible to solve. Northern Light is committed to helping entrepreneurs build world class companies through our expertise and resources and Qumulo fits that investment profile as a high-growth company at the crossroads of innovation and disruption."

Northern Light Venture Capital (NLVC) is a leading China-focused venture capital firm targeting early stage opportunities of innovation and disruptive technology. Since inception in 2005, Northern Light has backed nearly 200 ventures in TMT, healthcare and advanced technology. Leveraging significant investing and entrepreneurial expertise in both China and the United States, the NLVC team looks to support entrepreneurs with groundbreaking ideas and exceptional vision to develop lasting ventures.

Published Tuesday, April 04, 2017 8:23 AM by David Marshall
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