Intel Leads $17 Million Financing of Storage Startup Maginatics
August 21st, 2013 By: John Rath
Software-defined storage startup Maginatics came out of stealth mode last year and has since seeded its MagFS (Maginatics File System) offering in the enterprise. Looking to increase the pace of adoption of its flagship product and fuel growth in the U.S. and internationally, the company announced it has raised $17 million in Series B Financing. Intel Capital led the round, with participation from WestSummit Capital, Comcast Ventures and existing investors including Atlantic Bridge and VMware.
Mountain View, California-based Maginatics was founded in 2010, and since coming out of stealth the company has seen a dramatic increase in customers. The MagFS solution offers Network Attached Storage (NAS)-like capabilities where NAS is not an option: in the cloud and in any enterprise where distributed, concurrent and consistent access to a shared capacity pool is required. Following this latest round of investment, Maginatics also appointed two new members to its board of directors: Dharmesh Thakker of Intel Capital and Raymond Yang of WestSummit Capital.
“The shift from monolithic storage architectures to more agile, software-only architectures able to bridge enterprise IT with cloud is transforming the enterprise,” said Lisa Lambert, vice president, Intel Capital. “MagFS enables this transition by helping companies serve highly distributed operations and seamlessly migrate workloads to the cloud. Intel Capital is excited to help scale the company through significant resources, expertise and partners via our vast enterprise ecosystem.”
“Maginatics’ next generation enterprise storage software solutions are ideally suited for the high growth, multi-billion dollar storage market in the Asia Pacific region, particularly in China,” said Raymond Yang, co-founder and managing director of WestSummit Capital. “Asian enterprises demand massively scalable, highly secure and low cost storage solutions optimized for today’s mobile enterprise. Maginatics delivers on all fronts and WestSummit is delighted to support Maginatics’ expansion into this highly strategic market.”
Sounds like they should have gave the money to CEPH.