US-based storage management technology producer Reduxio Systems received $22.5m in series C capital on Monday from investors including semiconductor manufacturer Intel and data storage company Seagate Technology.
The funding was led by investment firm C5 Capital and also featured venture capital firms Jerusalem Venture Partners (JVP) and Carmel Ventures. Reduxio is targeting a $32m final close for the round, and C5 Capital partner Marcos Battisti has joined its board of directors..
Reduxio has developed enterprise storage technology and data management software that includes features such as virtualised storage and data recovery.
The funding will go towards continued marketing international marketing efforts and further product development. C5 will provide expertise on cloud infrastructure and cybersecurity as well as access to its network of sales and technology partners.
Seagate previously led Reduxio’s $15m series B round in 2014, investing alongside Intel Capital, JVP and Carmel Ventures. Reduxio closed a $12m series A round in 2013, with JVP and Carmel providing an initial $9m in April before Intel Capital topped up the round in October.
Mark Weiner, co-founder and CEO of Reduxio said, “The future of data storage and protection lies in delivering high performance, easy-to-use solutions designed for the rapidly coming era of hybrid IT – this is precisely why we started the company.
“Reduxio’s next generation architecture was purpose-built to address this challenge. Our vision and focus align perfectly with C5’s vision, and we welcome their unique expertise to the Reduxio team.
“This latest round of funding will allow us to continue our exponential growth to meet the needs of our rapidly growing customer base.”