London-based cloud-native storage management startup, StorageOS, has raised $10M (approx €8.2M) in its Series B round of funding. With this investment, the startup has raised a total of $20M (approx €16.4M) in funding, to date.
Investors in this round
The Series B round was led by Downing Ventures. “As modern technology companies are transitioning to containerised architectures and stateful containers are proliferating, we see significant growth of demand for new and improved storage management solutions,” says Jack Eadie, Investment Director at Downing Ventures.
In addition, the round also saw participation from existing investors including Bain Capital Ventures, Uncorrelated Ventures, and MMC Ventures, and new investor Chestnut Street Ventures.
What does StorageOS do?
The company was founded in 2015 by Alex Chircop, Chris Brandon, and Simon Croome. It provides a cloud-native software-defined storage solution to deliver storage for Kubernetes.
Kubernetes is an open-source container-orchestration system for automating computer application deployment, scaling, and management.
Bill Lehmann, Partner, Bain Capital Ventures believes, “As enterprise teams everywhere adopt Kubernetes, there needs to be a vendor that allows them to run stateful applications.”
The platform is built to give customers control of their storage environment, on-premises, or in the cloud. By delivering persistent storage to applications in container environments, users can achieve all the business benefits of containers and orchestrators. The UK startup has grown to serve about 4,000 users.
Use of the funds
The raised capital will help the company invest further in its go-to-market strategy and scale its sales and customer-facing technology teams, to build its customer base and revenue.
Alex Chircop, founder and CEO of StorageOS, says, “Securing a further significant round of funding is an important step in the development of the business and a huge vote of confidence in our team, technology, and achievements to date. Working alongside a group of committed investors, including those who have supported us during our previous funding round, has been key to the growth of the business and we’re looking forward to building on our strategy worldwide.”
About Downing Ventures
Downing Ventures invests in Seed to Series A companies, with the possibility of follow-on investments. The sectors it invests in include healthcare, deep tech, industry 4.0/mobility, fintech, and Enterprise.
It has a portfolio of 71 companies as of September 2020 and works alongside a number of investment partners and accelerator programmes and incubators, including the London Co-Investment Fund.