GV, a corporate venturing subsidiary of internet technology provider Alphabet, co-led a series C round for US-based data storage technology provider Cohesity sized at more than $90m yesterday.
Venture capital firm Sequoia Capital co-led the round, which included networking systems producer Cisco, which took part through its Cisco Investments unit, computing company Hewlett Packard Enterprise and Qualcomm Ventures, the corporate VC vehicle for chipmaker Qualcomm.
The round was filled out by Accel, Artis Ventures, Battery Ventures, Foundation Capital, Trinity Ventures, Wing Venture Capital and DHVC, the VC fund formerly Danhua Capital. It valued Cohesity at more than $500m, a person familiar with the matter told Bloomberg.
Cohesity produces software that enables enterprises to combine secondary storage silos on a single hyperconverged, web-scale data platform that can traverse private and public clouds.
The company intends to use the series C funds to boost its international sales and marketing capabilities, and also plans to invest capital in growing its research and development activities in order to find other uses for secondary storage beyond data protection.
Karim Faris, a general partner at GV, said: “Cohesity’s ability to consolidate diverse secondary storage workloads is an impressive technical feat: it represents a fundamental shift in the way that companies manage and store data.
“Customers are demanding that their data protection systems do more than simple backup in a world with an increasing volume of data use cases.”
Sequoia Capital led Cohesity’s $15m series A round in 2013 before Qualcomm Ventures and Artis Ventures co-led a $55m series B two years later that included GV, then known as Google Ventures, as well as Battery Ventures and Trinity Ventures.