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XtremIO Closes $14 Million Series B Funding Led by Battery Ventures

XtremIO, developer of next generation storage solutions based on Solid State technology, announced today that it has secured a $14 million financing round led by Battery Ventures, with participation from existing investors Giza Venture Capital and Jerusalem Venture Partners (JVP). XtremIO will apply the capital to accelerate product engineering and deliver its breakthrough solution to the Enterprise storage market.

Storage and I/O performance represent a major bottleneck to many IT applications and processes. The challenge is further amplified by the virtualization of modern data centers and the growing need for faster processing of larger amounts of data. XtremIO addresses these challenges with its breakthrough storage solution based on an innovative architecture and storage algorithms, and utilizing flash memory solid-state drive (SSD) technologies.

“We’ve been passionate investors in Enterprise IT since our founding days as a firm, and it’s extremely exciting to see such powerful advances in solid-state storage emerging today," said Itzik Parnafes, Partner, Battery Ventures. “XtremIO is innovation at its best. Their unique architecture and algorithms combine to address the performance, efficiency and cost challenges for customers in a truly elegant way. I am looking forward to working closely with XtremIO’s team which represents the best in entrepreneurship, combining creativity, relentlessness, and proven track records in turning innovation into successful businesses.”

Ehud Rokach, CEO, XtremIO: "We are honored to have Battery Ventures as an investor and board member as we work to deliver our product to the market and help our customers address key business challenges and data center pain points. Leveraging flash memory SSD technologies in new ways, we are able to offer the rare combination of extreme performance, extreme efficiency, and an extremely strong business case.”

XtremIO offers Enterprise storage solutions that enable dramatic application acceleration, higher levels of consolidation, simplified operations, and cost reduction.

"We are proud to continue working together to support XtremIO and its management team," said current investors Eyal Niv, Managing Director, Giza Venture Capital and Kobi Rozengarten, General Partner, JVP. "The company continues to see an increasing level of interest in its SSD-based storage system and rapidly growing market recognition as to the important role SSD storage technology is expected to have in Data Centers."

Published Monday, June 06, 2011 5:02 PM by David Marshall
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