Maginatics, a leader in technology innovations, clinched USD17 million in Series B funding. The financing was led by Intel Capital with the participation of WestSummit Capital, ComCast Ventures and investors Atlantic Bridfe and VMware.

With the additional funding, the company will focus on enhancing MagFS (Magnatics File System)  to better cater to the needs of its users and clients. MagFs is a one of a kind solution that offers Network Attached Storage.Improvement of scale sales and marketing in the US and internationally were also listed as the company's funding priorities.

Maginatics was founded in 2010 by Gill and CTO Dr. Jay Kistler. Before handling Maginatics, Dr. Kistler worked for big companies like Broadcom, Apple and Google. Under his leadership, the MagFS was created and transformed as the company's flagship product.

Subsequently, Magnetics also announced the appointment of two new board directors namely Dharmesh Thakker of Intel Capital and Raymond Yang of WestSummit Capital.