Cleversafe Inc., the solution for limitless data storage, today announced that the company has secured $55 million in funding to support its growth momentum, achieved by its breakthrough technology’s cost-saving solution for massive-scale, high-growth storage needs. This oversubscribed Series D funding round was led by industry leader New Enterprise Associates (NEA) with participation from all major existing investors, as well as new investor New World Ventures. In conjunction with the financing, NEA’s Managing General Partner Peter Barris joins Cleversafe’s Board of Directors.
“There is a fast-growing hunger for efficient, cost-effective solutions to manage massive volumes of data, and Cleversafe’s solution completely disrupts the economics of storage at a petabyte-scale,” said John Morris, president and CEO of Cleversafe. “Our proven technology is displacing legacy boxes that were designed for yesterday’s storage needs across a wide range of industries. What they have in common is breakneck growth of storage needs that were poorly addressed by old-fashioned products from EMC and others. There are thousands of customers like that and with this round of funding, we’ll expand our coverage of the market so that we can reach many more of them.”
Cleversafe has more than doubled its revenue and number of customers in each of the last four years. In total, the company has shipped more than 200 petabytes of storage capacity — the equivalent of the entire written works of mankind, from the beginning of recorded history in all languages, times four. Cleversafe’s growth has accelerated in recent months following the appointment of Mr. Morris as CEO in May, with numerous customer engagements around the world, such as PhotoBox, also announced today, and an IP portfolio that has increased to more than 80 issued or allowed patents by the United States Patent and Trademark Office in support of Dispersed Storage® technology.
“Cleversafe is way ahead of the innovation curve in storage technology,” said Peter Barris, managing general partner at NEA. “Today, the company is seeing demand for its cost-efficient storage solution from an entirely new class of customer across a growing set of verticals. This demand will only accelerate as an ever-increasing volume of data is generated, and there is no better time for a company with the right technology to step forward to solve today’s business challenges. I’m excited to partner with John and his team at this pivotal time in the company’s growth.”