Data storage provider BlueArc raises $20M
BlueArc, a company that provides network storage systems, has brought in $20 million in equity, according to a filing with the SEC. Investor Growth Capital led the round. Based in San Jose, BlueArc offers storage hardware and software products to help companies consolidate file servers, transfer data and quickly access materials.
The company works with clients in internet services, higher education, oil and entertainment. BlueArc announced today that it recently signed 13 new media and entertainment companies as customers, bringing its total customers in entertainment to 70 companies.
PRESS RELEASE
BlueArc® Corporation, a leader in scalable, high-performance unified network storage, today announced that it has closed $20 million of new funding led by Investor Growth Capital (IGC), the wholly owned venture capital arm of Stockholm-based Investor AB, known for investments in high-quality, growth-oriented companies in information technology and healthcare industries. The round was also supported by 16 existing investors who see continued value in BlueArc’s business objectives and vision for the storage industry.
“After extensive research and diligence with BlueArc, their customers and industry experts, it’s clear that BlueArc has a significant growth opportunity and the demonstrated ability to grow faster than its market,” said Jose Suarez, managing director at IGC. “BlueArc is helping customers solve critical storage and data management challenges with innovative solutions in an industry that continues to see explosive growth in the amount of data that must be managed. We believe that the company represents a tremendous investment opportunity for IGC.”
“This round of funding enables us to take advantage of the increased storage market opportunity and accelerate the growth and momentum we’ve seen over the past year,” said Mike Gustafson, CEO of BlueArc. “Since returning to growth a year ago, we’ve shown a tremendous increase in new customers, improved profitability outlook, and expanded product and solution offerings. This funding will help us to further ramp development and allow us to increase headcount and strategic investment in all areas, including engineering and customer facing sales and marketing.”
“We originally approved a $20 million round of funding, but given strong investor interest, we decided to increase the round, which is now over-subscribed,” said Rick Martig, BlueArc CFO. “We are extremely pleased with the support of our insiders and IGC’s participation.”
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