March 23, 2014
Data Virtualizer Actifio Raises $100 Million And Eclipses $1 Billion Valuation
Boston’s newest billion-dollar tech company is in a market you may not even know exists: copy data virtualization. The new ‘unicorn’ is Actifio , which has raised $100 million at a valuation of about $1.1 billion led by growth investment specialist Tiger Global Management.
A slew of existing venture investors joined in the round, with North Bridge, Greylock, Advanced Technology Ventures, Andreessen Horowitz, and Technology Crossover Ventures all re-upping alongside Tiger Global, which has made a name for itself in recent years through savvy late-stage investments in tech like Facebook, LinkedIn LNKD -5.51% and Yandex.
“All of last year, the simple focus was in scaling our business,” says CEO Ash Ashutosh. “The last three quarters we were figuring out how to scale, and the one factor that was a constraint was speed of time. Now this helps me grow as fast as possible.”
What Actifio does is to virtualize, or make physically independent, the large amounts of data a business would want to keep as a copy for backup purposes, testing, and other potential uses like compliance. The amount of data Actifio is handling is massive–an exabyte of data and 55 petabytes of physical storage capacity–and the subscriptions it’s selling aren’t small. Mid-market customers typically pay about $200,000 a year, versus $1.8 – $2 million for larger companies. Actifio claims it can drive down IT costs for customer’s data copying by 90% overall.
Read more at: http://www.forbes.com/sites/alexkonrad/2014/03/23/actifio-raises-100-million-at-1-billion-valuation/
By Alex Konrad