Israeli storage and data management solutions company Reduxio Systems has raised $22.5 million of its Series C financing in a round expected to reach $32 million. The round, which was led by London-based C5 Capital, more than doubles the capital invested in the company, and will fund continued innovation and global marketing of Reduxio's software-defined storage platform.
All previous investors, including Jerusalem Venture Partners, Carmel Ventures, Intel Capital and Seagate Technology participated in this financing round. C5’s investment will complement the existing investor group with a specialist focus on cloud infrastructure and cyber security, as well as a strong network that will enhance Reduxio’s growing ecosystem of channel sales and technology partners.
Reduxio CEO Mark Weiner, CTO Nir Peleg, and VP R&D Amnon Strasser founded the company in 2012 at the JVP Media Quarter in Jerusalem. The founders are all former employees of storage solutions start-up Exanet, which was acquired by Dell Inc. in 2010, after a dispute between investors. The company has 80 employees of which 50 are in its Israel offices in Petah Tikva. Reduxio also has offices in San Francisco.
Weiner said, “The future of data storage and protection lies in delivering high performance, easy-to-use solutions designed for the rapidly coming era of hybrid IT - this is precisely why we started the company. Reduxio’s next generation architecture was purpose-built to address this challenge. Our vision and focus align perfectly with C5’s vision, and we welcome their unique expertise to the Reduxio team. This latest round of funding will allow us to continue our exponential growth to meet the needs of our rapidly growing customer base.”
C5 Capital partner and new board member of Reduxio Marcos Battisti said, “Now and again, investors encounter a top team in a new company with the potential to seriously disrupt a market. Reduxio is clearly one of those companies. Reduxio’s technology is reshaping the storage space as we know it. Its software-defined storage technology is built on top of truly unique and ground-breaking IP that provides tangible benefits to on premise, hybrid, and cloud-based customers. Its solution is also being widely seen as one of the key tools to fight the growing threat of ransomware attacks. My partners and I are very proud to be invested in a company as unique as Reduxio.”
Published by Globes [online], Israel business news - www.globes-online.com - on March 20, 2017
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