CloudByte, a US-based cloud storage provider, has raised a $4m series B round of funding led by Fidelity Growth Partners India, the India-focussed private equity arm of investment firm Fidelity. The round included existing investors Nexus Venture Partners and Kae Capital.
CloudByte has now raised $6.1 million in total funding, following a $2.1m series A round that was led by Nexus in June 2012.
Sandeep Singhal, co-founder of Nexus Venture Partners, said: “As a large storage user, Fidelity has a deep insight in this space and we are excited to have them join us as an investor in the company. The storage industry is experiencing a fundamental shift to a software-based model, giving both cloud service providers and enterprises the flexibility and scale they need without compromising performance and other high-end features.”
Raul Rai, managing director with Fidelity Growth Partners India, who has joined the CloudByte board, said: “The company’s leading-edge ElastiStor storage technology, shipping since January, and its applicability for both cloud storage providers and enterprise private clouds helped us make this investment decision. As part of our diligence, we also observed that CloudByte has achieved greater traction than companies that have raised much larger rounds of funding.”
Greg Goelz, chief executive officer of CloudByte, said: “While the all-flash discussion continues, our software approach allows organizations to optimize their infrastructure based on their requirements and select their preferred storage components.”