Accel Partners, Lightspeed Venture Partners, and Sequoia Capital Bullish on Investment
December 8, 2010 – Nimble Storage, developer of the first converged storage and backup solution, today announced that it has received $16 million in its Series C round of funding from existing investors Accel Partners, Lightspeed Venture Partners, and Sequoia Capital. The investment will be used to support the company’s rapid growth by expanding sales, marketing and engineering initiatives.
“Nimble Storage has the rare combination of a top team coupled with disruptive technology and a market that is primed for change,” said Jim Goetz, a Sequoia Capital partner and member of the board of Nimble Storage. Board member Peter Wagner of Accel Partners added, “We’re extremely impressed with the breakthrough architecture the team has developed and the early sales traction they’ve achieved. The company’s early revenue ramp is faster than any storage startup we’ve seen in the last decade.”
Nimble Storage, founded by former Data Domain and NetApp executives Varun Mehta, CEO, and Umesh Maheshwari, CTO, has developed the industry’s first converged iSCSI storage, backup, and disaster recovery solution. Based on the company’s patent-pending Cache Accelerated Sequential Layout (CASL™) architecture, the CS-Series enables fast inline data compression, intelligent data optimization leveraging flash memory and high-capacity disk, instant optimized backups, and WAN-efficient replication in a single device. This approach dramatically lowers equipment costs, reduces backup and restore time from hours to seconds, and streamlines storage management.
“The interest we’ve had in Nimble has been remarkable. We were over-subscribed for this Series C round of funding and look forward to rapidly scaling the company to take advantage of a huge market opportunity,” said Mehta. “It’s clear that we’ve hit a real customer pain-point, and the number of deals we’ve closed already proves there’s huge pent-up demand for a new approach to enterprise storage and backup.”
Since introducing the Nimble CS Series in July of this year, the company has been named a CRN Hot Emerging Technology Vendor for October. The company has also received VMware-Ready® status and become an Elite member of the VMware Technology Alliance Partner program.
About Nimble Storage
Nimble Storage has developed the first converged storage and backup solution that significantly reduces the cost and complexity of storing, accessing, and protecting data for enterprises. The company’s CASL architecture uniquely combines flash and high-capacity disk to support the most demanding primary applications and reduces backup windows and restore times from hours to seconds — all for at least 60 percent lower cost than existing solutions. Nimble Storage also provides a simple, cost-effective disaster recovery solution that offers business continuity and long-term data protection. Nimble Storage solutions are available through a nationwide network of IT solution providers. For more information visit www.nimblestorage.com.
© 2010 Nimble Storage and CASL are trademarks or registered trademarks of Nimble Storage. Other trade names or words used in this document are the properties of their respective owners.