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2013-06-19

Cloud storage start-up raises $4 m in Series B round led by Fidelity Growth Partners

Bangalore and California-based cloud storage start-up CloudByte has announced that it has raised $4 million in its Series B funding round led by Fidelity Growth Partners India, the private equity arm of Fidelity Worldwide Investment (Fidelity) and with pa

Bangalore and California-based cloud storage start-up CloudByte has announced that it has raised $4 million in its Series B funding round led by Fidelity Growth Partners India, the private equity arm of Fidelity Worldwide Investment (Fidelity) and with participation from existing investors Nexus Venture Partners and Kae Capital.

The start-up with this second round has raised a total of $6.1 million as it had raised $2.1 million from Nexus Venture Partners and Kae Capital.

As per a release issued by CloudByte, funds from the new investment will be used for expanding global sales and marketing in addition to product development. Headcount additions will help the company support the growing customer demand and increase the market awareness of its defined storage solution software.

Raul Rai, Managing Director with Fidelity Growth Partners India, will be joining the CloudByte board of directors, the release added.

“We are very pleased to be part of the ongoing CloudByte success story,” said Raul Rai.  “The company’s leading-edge ElastiStor storage technology, shipping since January, and its applicability for both cloud storage providers and enterprise private clouds helped us make this investment decision. It is refreshing to see what CloudByte has accomplished in a short period of time and we are looking forward to the company’s continued success and expansion into new markets,” Rai added.

“As an early investor, it has been exciting to see the company’s growth and customer adoption. As a large storage user, Fidelity has a deep insight in this space and we are excited to have them join us as an investor in the company,” said Sandeep Singhal, Co-Founder, Nexus Venture Partners.

CloudByte announced earlier this month the appointment of former SanDisk General Manager Greg Goelz as Chief Executive Officer.

“The support we have received from Fidelity, as well as our existing investors, is a testimony to our tremendous market opportunity and the success we are already having in this market,” said Greg Goelz, Chief Executive Officer, CloudByte.

CloudByte also announced a free perpetual license of its full-featured storage software, ElastiStor, for up to 4 TB of storage which can be downloaded from its website.

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