Pure Storage Goes Large With $150M Pre-IPO Round-Center for Innovation and Entrepreneurship - Carnegie Mellon University

Thursday, August 29, 2013

Pure Storage Goes Large With $150M Pre-IPO Round

The all-flash enterprise storage solutions provider Pure Storage announced today that it has raised $150 million in a Series E round that the company expects will carry it through to an IPO. The large funding round came from T. Rowe Price, Tiger Global Management and Fidelity Investments. Previous investors Greylock Partners, Index Ventures, Redpoint Ventures, Samsung Ventures and Sutter Hill Ventures also participated. The company, founded in 2009, has now raised $245 million in funding.

PRESS RELEASE

Pure Storage Closes $150M Funding Round with Top Tier Public Market Investors – The Single Largest Private Financing Raise in Storage Industry’s History

Valued at Over $1B with Strong Sequential Quarterly Growth, All-Flash Pioneer Is Industry’s Fastest Growing Enterprise Storage Company; Adds Industry Veteran Frank Slootman to Its Board

MOUNTAIN VIEW, CA – August 29, 2013 – Pure Storage, the all-flash enterprise storage array company, today announced that it has closed an oversubscribed $150 million Series E funding round with institutional investors – the single largest private funding in the history of the enterprise storage industry. Led by T. Rowe Price, Tiger Global Management and other public market investors, with participation by its previous venture capital investors Greylock Partners, Index Ventures, Redpoint Ventures, Samsung Ventures and Sutter Hill Ventures, the new funding brings the company’s total capital raise to $245 million and puts the all-flash storage pioneer on-track for a future initial public offering (IPO). Pure Storage will use the new funding to accelerate continued expansion of its European and Asia-based operations, grow its sales, support and marketing teams worldwide, and increase its investments in research and development.

Pure Storage also announced today that former Data Domain CEO Frank Slootman has joined its board of directors. A revered veteran of the enterprise data storage and software industries, Slootman was one of the company’s earliest supporters and angel investors, which also include VMware’s cofounders: former CEO Diane Green and former CTO Mendel Rosenblum. Slootman guided Data Domain from its market entry through IPO and currently serves as CEO of ServiceNow. Slootman will now take a more hands-on role with Pure Storage, as a key strategic advisor.

“Pure Storage is experiencing much of what we did at Data Domain,” said Slootman. “They’re replacing one storage media (disk) with another (flash). They pioneered the use of inline data reduction to remove the cost hurdle for the media upgrade, and, as a result of being the first to get this right they are growing about as fast as companies can grow organically. I am glad to be able to offer my own perspective in driving and managing growth to the top tier board of directors and leadership team at Pure...Read more»

By: PEHUB