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Tintri Raises $25M to Accelerate Adoption of VM-Aware StorageMenlo Ventures Leads Oversubscribed Series D Funding Round Joined by Existing Investors NEA and Lightspeed Venture Partners (July 24, 2012)
MOUNTAIN VIEW, CA -- (Marketwire) -- 07/24/12 -- Tintri, Inc., the leading producer of purpose-built, VM-aware storage appliances, today announced that it has closed an oversubscribed $25 million funding round, led by Menlo Ventures, and joined by existing investors NEA and Lightspeed Venture Partners. This latest round brings the company's total capital raised to over $60 million. Tintri plans to use the additional funding to accelerate both R&D and sales operations, as well as to support its continued global expansion.
Tintri VMstore is the first and only VM-aware storage appliance that provides enterprises simplified and intelligent storage for virtual environments. Designed from the ground up for flash and virtualization, Tintri brings intuitive VM-level manageability, simplicity, and flash performance at disk prices.
Tintri has experienced dramatic growth since its March 2011 launch. The company has grown at an average quarterly rate of 100% since that time and has an expanding global customer base of over 100 companies from a diverse range of industry verticals such as consumer electronics, entertainment, financial services, healthcare, and technology. Enterprises such as Alliance Bank, Digital Chocolate, F5 Networks, Mitsubishi Electric Information Network Corporation, Northwestern University, Tibco as well as Fortune 100 companies have turned to Tintri's VM-aware storage appliance to support their VDI, database, test and development, and virtualization expansion projects. Since the company's launch, Tintri has seen a marked increase in the average number of virtual machines being deployed in production on its storage appliance. [In addition, Tintri has rapidly scaled its team including key senior hires from companies such as Citrix, Data Domain, Google, NetApp, and VMware.
"As the data center becomes increasingly virtualized, enterprise storage is undergoing a drastic transformation, which has created a fantastic opportunity for innovative new companies," said Mark Siegel, Managing Director for Menlo Ventures. "Tintri is clearly at the forefront of redefining enterprise storage with its VM-aware approach. It's impressive to see how quickly they've gained market traction since their launch. We believe our firm's deep domain expertise in storage complements Tintri's long-term goals. We are excited to join Tintri as they continue to shake up the established order and extend the benefits of virtualization from the server side to storage."
"There is an ever-growing demand for VM-aware storage that supports broad virtualization deployments and changes the data center economics," said Kieran Harty, Tintri CEO. "This investment validates the success and innovation we have achieved to date and the enormous market opportunity. With the additional funding, we will be able to accelerate our efforts to help our customers' transition from legacy storage to VM-aware storage. We are excited to be partnering with another world-class investor and honored by the continued commitment from our existing investors."
About Tintri, Inc.
Designed from the ground-up for flash and virtualization, Tintri's VM-aware storage appliance delivers flash performance at disk prices with intuitive management specifically for VMs. Customers such as Digital Chocolate, iPass, and TIBCO have simplified storage management, increased performance and achieved ROI in as little as 60 days with Tintri for both virtual server and desktop environments. Tintri was co-founded by Dr. Kieran Harty, who was formerly the EVP of Engineering at VMware. Tintri's team also includes senior leaders from Citrix, Data Domain, Google, NetApp and Riverbed. Tintri is a privately held company based in Mountain View, CA, with sales offices in Europe and Asia.
About Lightspeed Venture Partners
Lightspeed Venture Partners is a leading global venture capital firm with over $2 billion of committed capital under management. Lightspeed's investment professionals and advisors are located in Silicon Valley, India, Israel and China with Lightspeed China Partners. Over the past two decades, the Lightspeed team has backed more than 200 companies, many of which have become leaders in their respective markets, including Blue Nile, Brocade, Calista, Ciena, DoubleClick, eHealth, Fusion-io, Galileo Technology, Growth Networks, Informatica, Kiva Software, Kosmix, Link-A-Media, LivingSocial, Lucky Pai, Maker Communications, Phone.com, Playdom, Pliant, Provigent, Riverbed Technology, Solazyme, TutorVista, Virsa Systems, Waveset, and XtremIO. For more information, visit www.lightspeedvp.com.
About Menlo Ventures
Menlo Ventures provides capital for seed through growth technology companies in the consumer and enterprise sectors. For decades, the firm's market-driven research analysis has led to the identification of and successful exits in innovative technology markets. Notable research areas of investment include Mobile (Siri, MobiTV, Telenav), Enterprise Storage (3Par), Communications (Acme Packet, Cavium Networks), and Consumer (Carbonite, Roku). Founded in 1976, Menlo's portfolio includes 70 public companies and more than 100 mergers and acquisitions. Menlo Ventures has $4 billion under management and is currently investing Menlo Ventures XI, a $400M fund with $20M allocated to the Menlo Talend Fund for fast seed funding. For more information, visit www.menlovc.com.
About New Enterprise Associates (NEA)
NEA is a leading venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With about $11 billion in committed capital, the firm invests in information technology, healthcare and energy technology companies at all stages in a company's lifecycle, from seed stage through IPO. NEA's long track record of successful investing includes more than 170 portfolio company IPOs and more than 290 acquisitions, including investments in technology leaders like Advertising.com, Data Domain, CareerBuilder, Diapers.com, Fusion-io, Groupon, Juniper, Macromedia, Millennial Media, Salesforce.com and TiVo. For additional information, visit www.nea.com.
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