SageCloud Raises $10 Million in Series B Funding
June 11, 2013
For Immediate Release
Braemar Energy Ventures Joins Matrix Partners in Fueling Growth of Cold Data Storage Start-Up
BOSTON, MA (June 11, 2013) SageCloud, Inc., a leader in ultra-reliable storage systems at disruptive price points for archival and backup data, announced today that it has completed a $10 Million Series B financing, which will be used to accelerate deployment of the company's products with initial customers and expand operations. Braemar Energy Ventures led the round and was joined by existing investor Matrix Partners. In conjunction with the financing, Dr. Jiong Ma, Partner at Braemar, will join the SageCloud Board of Directors.
Fueled by the rapid growth in archival and backup storage needs and the increasing importance of Big Data analytics, the market for digital data storage is forecast to grow 60 percent annually in the coming decade. Moreover, industry analysts estimate that as much as 80 percent of that data growth qualifies as Cold Data -- data that is written once and infrequently accessed. SageCloud's storage systems are specifically engineered to address this mounting problem, dramatically lowering the cost of storage while offering robust reliability and energy efficiency.
In a recently published report, "Cold Storage is Hot Again — Finding the Frost Point", International Data Corp ("IDC") identifies power management as a critical data center need and forecasts that the market for solutions to address energy-efficient data storage will exceed $25 billion by 2016.
SageCloud Founder and CEO, Jeff Flowers, identified the emerging need for next-generation cold storage solutions as a result of his experience at online backup solutions provider Carbonite, which he co-founded and helped lead as CTO. "SageCloud has developed powerful system software which leverages open-standards enclosures and economical commodity drives to optimize energy efficiency, drive sustainability and long-term data preservation for customers' data centers," said Flowers. "In this way, we are revolutionizing the economics of data storage."
"SageCloud has developed a differentiated solution for extremely low-cost cold data storage that does not compromise on long-term data preservation and improves substantially upon existing solutions from an efficiency standpoint," said Dr. Ma. "Jeff and his team bring a demonstrable track record of success in previous ventures and a wealth of expertise in data storage. We are excited to partner with this world-class firm, which Braemar believes has a chance to disrupt the enterprise market for intelligent data management and storage."
"We're seeing the potential for a big disruption to the storage industry coming from the disaggregation of software and hardware. Hardware prices are being driven down by open standard hardware (referred to as Infrastructure 2.0) and commoditized components," said David Skok, General Partner, Matrix Partners and SageCloud board member. "Jeff and his team have spotted this opportunity, and created the software to allow enterprises and service providers to use this hardware for storage of their Cold Data at a fraction of the cost of other alternatives. Given the unrelenting growth in data that we're seeing, we believe this has the potential to be a huge category."
SageCloud's mission is to deliver breakthrough price points for Cold Storage Tiering — cost-effectively managing storage of petabyte-scale data that is written once but infrequently accessed. With SageCloud, data center professionals can reap the benefits of storage on disk at price points approaching storage on tape. To achieve these economics, the SageCloud team has integrated open source and proprietary software to resolve the data durability deficiencies of commodity drives and leverage better power management designs of open stack enclosures. SageCloud is headquartered in Boston, MA. Additional information is available at www.sagecloud.com
For more information
- Marni Hoyle
- (857) 206-6054
About Braemar Energy Ventures
Founded in 2003, Braemar Energy Ventures is a leading venture capital firm focused on transformative energy-tech and related companies contributing to global sustainability and combating climate change. Using sector expertise and experience, Braemar aims to be an engaged partner with its portfolio companies to best help them navigate the path to significant global impact. For more information, visit braemarenergy.com or follow @BraemarEnergy on Twitter.
About Matrix Partners
Matrix Partners is a premier venture capital firm that has generated outstanding returns for more than three decades. By focusing on early-stage investments and emphasizing long-term relationships with entrepreneurs, the firm has delivered several of the industry's top performing funds of all time. Matrix Partners has offices in Cambridge and Waltham, MA; Palo Alto, CA; Mumbai, India; and Beijing and Shanghai, China. Matrix Partners has invested in several game-changing, industry-leading businesses such as Apple Computer, Aruba, HubSpot, JBoss, Netezza, Phone.com, Polyvore, Starent Networks, Tivoli Systems, Veritas, Zendesk, and Zong.
For more information
- Leslie Dailey
- (706) 461-1323