Tegile Raises $35 Million For Rapid Expansion
August 19th, 2013 By: John Rath
Hybrid storage array provider Tegile Systems announced it has closed on a $35 million Round C funding led by venture firm Meritech Capital Partners with additional investment by original stakeholder August Capital and strategic partners Western Digital and SanDisk.
Presented as a ‘scaling round’, the funds will enable Tegile to rapidly accelerate the expansion of its proven technology and successful go-to-market strategy by utilizing the capital raised to further strengthen its sales and customer support efforts throughout its North American and European channels and to accelerate its new product/technology development. Tegile has been aggressively building the company from the outset to become the only one having generated more revenue than it has taken in outside financing. Before opening its Round C funding, the company improved its sales and revenues from doubling every two quarters to doubling every quarter.
“The time has come for us to scale the financial success we’ve thus far been afforded and leverage these opportunities for even greater revenue prospects and increased sales,” said Rohit Kshetrapal, CEO of Tegile. “The financing we’ve secured in this latest funding round allows us to do just that. We are pleased that our Round C investors include two strategic partners that will strengthen both our relationship and product roadmap even further, and working with an investment firm known to quickly move technology companies to the forefront. We look forward to Paul joining our board.”
Investor SanDisk noted that the Tegile solution provides better price-performance than traditional all-hard-disk-drive storage arrays and offers a compelling way to address evolving enterprise requirements in a cost-effective manner. Through its strategic partnership with SanDisk, Tegile will be able to leverage SanDisk’s expertise and capabilities as one of the world’s leading innovators of Flash memory technology.
“With our unique flash-based hardware and software solutions and vertically integrated business model, SanDisk is helping enable a new generation of companies transform the enterprise,” said Sumit Sadana, executive vice president and chief strategy officer at SanDisk. “We believe that Tegile is well positioned to bring the significant benefits of flash technology to enterprise customers through their innovative hybrid system solution.”