We’re very excited to announce that our client Cohesity recently raised $90 million in a highly oversubscribed Series C funding round. It was good to see this important news picked up by a broad range of outlets, from tier-one business publications like CNBC and Bloomberg to strategic industry reports like eWeek and CRN, demonstrating the strong interest in Cohesity’s revolutionary approach to data storage.
Cohesity’s latest funding round was co-led by GV (Google Ventures) and Sequoia Capital. Cisco Investments and Hewlett Packard Enterprise (HPE) also participated in this round as strategic investors. They joined Accel, ARTIS Ventures, Battery Ventures, DHVC (formerly Danhua Capital), Foundation Capital, Qualcomm Ventures (the investment arm of Qualcomm Incorporated), Trinity Ventures and Wing Venture Capital as fundraisers for Cohesity to bring total investment in the company to $160 million.
The amount and quality of investors in this funding round highlights the strong market demand for Cohesity’s hyperconverged secondary storage platform. Traditional secondary data solutions are complex, slow and inefficient, and involve multiple infrastructure silos for data backups, test/dev, analytics and secondary data workloads. Cohesity has brought a radically simple approach to secondary data environments by eliminating those silos.
We’d like to congratulate Cohesity on its success and are excited to watch the company grow and continue its positive momentum. Below are some of the highlights from the announcement.
“Given the tsunami of data flowing through businesses, hyperconverged secondary storage is now a must-have for enterprise companies. Customers are recognizing the tremendous value that Cohesity provides for managing all of their data in a single platform,” said Bill Coughran, partner at Sequoia Capital and Cohesity board member. “Market interest is driving this round of funding, which will be used to help us meet the accelerating demand.”
“Karim Faris, the GV partner who led the Cohesity investment, said his team had been looking for a product that could ‘light up’ that [secondary storage] data through software. GV put some money into the last round in 2015 and is now stepping up in a hefty way.”
‘Cohesity brings instant access, search, discoverability and the ability to restore data very easily,’ Faris said in an interview. ‘They figured out a way to seamlessly insert themselves into the flow of how you do things.’”
“Cohesity is expanding its reach to attract more businesses looking for new ways to handle the growing reams of data being produced every day. While the company doesn’t disclose sales, the startup said it has been roughly doubling the number of customers every quarter. Its products became publicly available in late 2015.”
“Object storage is by far the fastest-growing data subset in the storage industry, and not all storage providers are able to juggle the demands of that alongside databases, backup and NAS-type storage.
Cohesity’s 4.0 version also gives enterprise accounts the ability to set access permissions for individual administrators and operators, assign storage quotas for individual file systems, and create write-once-read-many (WORM) file systems for regulatory compliance. Enterprises can manage all these features through a single administrative console and/or RESTful APIs.”