INFINIDAT announced it has closed a $95 million Series C financing round. The round was led by Goldman Sachs Private Capital Investing (PCI) with strong participation from Series B leader, TPG Growth. Equity raised by the company to date totals $325 million. INFINIDAT has established itself as a new leader in the $40 billion data storage industry with several hundred enterprise customers adopting the InfiniBox platform and more than two exabytes (two billion gigabytes) of storage deployed globally.
"We have broken every record for growth of a data storage company in a few short years by focusing on fundamentals: anticipating customers' needs, ignoring hype cycles and fostering an inclusive culture of innovation and engineering excellence," said Moshe Yanai, INFINIDAT Chairman and CEO. "We are delighted that Goldman Sachs is joining us for the next chapter of this journey."
INFINIDAT was founded in 2011 and started selling its well-known InfiniBox product in 2014. Its early customers include several of the world's largest telcos, banks and cloud service providers, who deploy InfiniBox to consolidate large numbers of legacy enterprise systems onto a more efficient platform. Each InfiniBox system manages over 5 petabytes (5 million gigabytes) of data and provides industry-leading performance and reliability. InfiniBox takes a software approach, using machine learning algorithms to extract very high performance and reliability out of low-cost hardware, including the same ultra-high capacity disk drive types typically employed by Google, Facebook and other hyperscale cloud operators for large-scale data storage unlike traditional enterprise storage systems that rely on expensive flash hardware for performance. Now, INFINIDAT alreaady has offices in 17 countries, is dual-headquartered in Waltham, MA and Herzliya, Israel and currently has 500 employees worldwide.
"We are excited to partner with INFINIDAT," said Holger Staude, VP Private Capital Investing at Goldman Sachs. "The company's impressive track record of technological innovation and strong, profitable growth really stands out among its peers in the storage industry."
Apart from that, analyst firm IDC forecasts that, by 2025, the global datasphere will grow to 163 zettabytes, or ten times the 16.1 zettabytes of data generated in 2016. While the previous decade of storage growth was driven by the explosion of social media content and other user-generated data, the coming decade of growth is driven by machine-generated data, including the rise of IoT, AI, analytics and genomic science. IDC also predicts the majority of storage growth will shift from consumer-generated to enterprise-generated data.
With this prediction, INFINIDAT believes that the coming enterprise data age requires a new way of thinking about information storage; a new storage architecture that is fundamentally different from the consumer-centric cloud storage platforms of the last decade and the legacy enterprise storage systems that came before them.
"Our mission is to store humanity's knowledge and make new types of computing possible," said Brian Carmody, CTO at INFINIDAT. "While the rest of the industry was pivoting to small, expensive, all-flash arrays to keep the cost per gibabyte as high as possible, we built a new software architecture that is expressly designed for the coming decade of hyper growth in the petabyte-scale market; our solution is a fraction of the cost and runs circles around the incumbents with respect to performance and reliability."
"TPG is pleased to increase our investment in INFINIDAT," said Tim Millikin, Principal, TPG. "INFINIDAT has achieved rapid growth while implementing a long-term vision that will further cement its leadership position in the data storage industry."
"We look forward to deploying the capital from this fundraising round to accelerate our innovations, reach more customers, move faster and continue to serve our loyal and amazing customer community," said Izhar Sharon, INFINIDAT President.