US data storage startup Actifio scores $100M in funding at $1.1B valuation
Enterprise data storage startup Actifio has raised $100 million in a new funding round that values the firm at $1.1 billion. The latest round brings the startup's total raised capital to $207 million, according Re/code.
Tiger Global Management was the lead investor in the financing. Existing investors North Bridge, Greylock IL, Greylock Partners in Israel, Andreessen Horowitz, Technology Crossover Ventures, and Advanced Technology Ventures also participated in the round. Founder and Chief Executive Officer (CEO) Ash Ashutosh said the startup is getting ready to go public but it will most likely happen next year, the report detailed.
TechCrunch cited Ashutosh saying: "Having shone a light on the $46 billion global copy data problem, we will use this funding round to expand our copy data virtualization solution across the Global 2000; enable our cloud service provider partners to build thriving businesses powered by Actifio; and extend the reach of our technology down into an even broader base of the mid-market."
Actifio uses virtualization technology to let businesses store their data with just a single copy. This way, storage costs are reduced by 90%, TechCrunch reported.