A first successful year for the Solidarity banker programme2019/05/16
- 3 min
Cloud Systems trend setter Scality secures $7 million in Series B round funding with IdInvest, Crédit Agricole Private Equity et Galileo
Cloud storage system pioneer Scality today announced a successful Series B round of funding led by IdInvest Partners (formerly AGF Private Equity) alongside its historical shareholders Crédit Agricole Private Equity, Galileo and Jerome Lecat, Scality’s CEO, to secure an additional US $7 million.
Scality will complement its San Francisco headquarters with an East Coast sales and services office in New York. Furthermore, Scality continues enhancing its unique distributed object-based storage platform, adding full multi-tenancy for Service Providers who want to offer Virtual Private Clouds, and new tiering algorithm for the Private clouds environments.
Scality’s total investment to date is $13 million. Its valuation doubled after a strong Series A round of funding in May 2010, thanks to the successful delivery of a complete email platform to cable operator Telenet for over 2 million users, and to the very strong sales pipeline.
“We have received considerable interest from potential investors as Scality is positioned in the heart of the cloud revolution, with object-based storage being at the early stages of Gartner hype curve,” said Lecat. “IdInvest, Crédit Agricole Private Equity and Galileo, who have financed several companies based in the Silicon Valley with R&D in France, are the perfect partners for us, with capacity to continue funding the growth of Scality and significant experience in the service provider market.”
Scality RING solves the urgent intransigent storage problems that SAN, NAS, or Unified vendors do not or cannot solve. Users receive equal or better reliability in addition to performance, with much greater scalability, simplified management, and lower total cost of ownership savings of more than 50% when compared to traditional SAN, NAS, or Unified solutions. Scality RING is a complete storage and data infrastructure system enabling ongoing cost savings and architecture rationalizations across the board.
“Cloud-scale IT means little if it doesn't include a next-generation, cloud-scale storage infrastructure that can flex in-line with changing capacity and performance requirements in a highly efficient manner. Scality's traction to date demonstrates that RING is already addressing some pretty thorny storage challenges in both public and private cloud environments; challenges that a growing number of organizations are starting to experience. The latest funding round is an important next step in helping Scality fulfill its undoubted potential.” said Simon Robinson from 451 Research.
“Scality is one of these rare projects where we find together an experienced management team, a proven technology, and a strong market opportunity,” said Baret, Partner at IdInvest, who joins the Board of Scality.