Maginatics, a US-based provider of enterprise storage systems, has raised $17m in series B funding led by Intel Capital, the corporate venturing arm of microprocessor maker Intel, with participation from China-based growth capital firm WestSummit Capital, Comcast Ventures, the venture capital affiliate of cable television company Comcast Corporation, and existing investors including growth equity fund Atlantic Bridge and US-based software company VMware.
Maginatics will use the investment to scale sales, marketing and support.
Amarjit Gill, co-founder and chief executive officer of Maginatics, said: “Since coming out of stealth last year, we have seen a sharp ramp-up in customers who love the ease-of-use and cloud accessibility delivered by MagFS (Maginatics File System). This funding round by top venture capitalists is further validation of our vision to revolutionize enterprise storage by replacing traditional, monolithic infrastructure with a lightweight, highly elastic and feature-rich distributed file system that exposes the full potential of the cloud within the enterprise.”
Lisa Lambert, vice president, Intel Capital, said: “The shift from monolithic storage architectures to more agile, software-only architectures able to bridge enterprise IT with cloud is transforming the enterprise. MagFS enables this transition by helping companies serve highly distributed operations and seamlessly migrate workloads to the cloud. Intel Capital is excited to help scale the company through significant resources, expertise and partners via our vast enterprise ecosystem.”
Raymond Yang, co-founder and managing director of WestSummit Capital, said: “Maginatics’ next generation enterprise storage software solutions are ideally suited for the high growth, multi-billion dollar storage market in the Asia Pacific region, particularly in China. Asian enterprises demand massively scalable, highly secure and low cost storage solutions optimized for today’s mobile enterprise.”
Louis Toth, managing director, Comcast Ventures, said: “Maginatics has established itself as a leader in distributed cloud-based file systems with built-in intelligence and security performing in variable network conditions for a wide set of use cases.”
Dharmesh Thakker of Intel Capital and Raymond Yang of WestSummit Capital have been appointed as Maginatics directors.
Maginatics was founded in 2010.