Exciting news for our client Ocarina Networks who has closed $20 million in Series B funding. As we wrote when we started working with them last spring, Ocarina provides an online storage optimization and compression solution that allows companies to use existing storage more efficiently, delaying or altogether eliminating the need to buy new storage by reducing the space taken by file data up to 90%. In real terms: this means companies can store up to 10 times more data on disks and infrastructure that they already have in place. Net net, this drastically reduces capital and operational expenses for customers across a broad range of industries where explosive data growth is a major challenge
The round was led by JAFCO Ventures who were joined by previous investors, Kleiner Perkins Caufield & Byers and Highland Capital Partners. The news was covered by the San Jose Mercury News, VentureBeat, the Silicon Valley Business Journal and VentureWire.
The amount of data being stored these days is growing at an exponential rate and is in turn proving very costly. As this phenomenon continues, optimizing and compressing storage is fast becoming a “must have” in order to contain costs and reduce storage footprints. Ocarina is a key player in the storage space for these reasons and this funding comes along with great momentum and customer wins in markets such as the life sciences and media and entertainment.
We all know it’s tough to raise money these days so we think this speaks volumes to the success and potential of the company and it’s team. Congratulations!