ScaleIO Inc., founded in 2010, has announced that it has raised $12 million in first financing round. The investment was made by Greylock Israel Partners, Norwest Venture Partners (NVP) and private investors, including Check Point Software Technologies Ltd. (Nasdaq: CHKP) president Amnon Bar-Lev.
ScaleIO is a new-generation company founded following the earthquake in the data storage market. In the new reality, computer giants are willing to guarantee substantial financing for companies offering them a successful idea.
ScaleIO joins a long list of companies trying to turn enterprises' heavy databases into a simpler, more flexible, and cheaper environment through the massive use of smart software and solid-state drive (SSD) flash memory-based storage.
ScaelIO's founders, CEO Boaz Palgi, CTO Erez Webman, Lior Bahat, Eran Borovik, and Erez Ungar set up the company, after long careers in enterprise storage, especially at Topio, which was acquired by NetApp Inc. (Nasdaq: NTAP) in 2006. ScaleIO currently has almost 20 employees at its headquarters in Palo Alto, California, and a center in Israel.
ScaleIO's product, ECS (elastic converged solution) software, deals with the high costs and demands of SAN storage systems, which operate as high-performance independent enterprise storage networks. The company says that it is trying to cut the cost of these systems by 80% through virtual management of enterprise storage systems in order to provide the necessary higher performance. In its statement, the company says that its staff have known each other for 15 years, and that they are currently running a large number of pilots, in addition to signing contracts with five customers.
Published by Globes [online], Israel business news - www.globes-online.com - on December 10, 2012
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