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June 26, 2012

Deal Alert: CloudByte Receives $2.1 mn Series A funding from Nexus Venture Partners

From the Press Release:

CloudByte Inc., building next generation storage virtualization products, announced that it has raised $2.1 million in a Series A funding led by Nexus Venture Partners. Kae Capital also invested as a part of this fund raise.
 
CloudByte Inc. was founded a year ago by a team of senior technology professionals with extensive experience at Novell, NetApp, HP, Juniper Networks, Bell Labs, and Amazon, and a background in creating, developing and managing products in cloud storage and security technology areas.

Srivibhavan Balaram, Founder & CEO, CloudByte, said, “Storage virtualization is far behind server virtualization in terms of delivering security, predictable performance and high utilization in a manageable and cost effective manner. The CloudByte solution bridges this gap by delivering full-functionality storage virtualization so that enterprises and cloud service providers can reap the full benefits of a virtualized data center. The funding will be used to expand sales efforts in the US and Asia markets and for ongoing product development. Nexus has backed successful companies like Cloud.com and Gluster in cloud and storage areas, and we see them as great partners as we create a leader in the storage virtualization space. We also wish to thank Kae capital for trusting our vision and investing in our future.”

“To maximize the benefit they gain from server virtualization, enterprises and service providers are seeking cost effective solutions to improve storage utilization without impacting performance. The CloudByte founders have built a world class product to address this issue. At Nexus, we look to back companies that address infrastructure pain points in the migration to the cloud and we are excited about partnering with CloudByte”, Sandeep Singhal, Nexus Venture Partners, said.

With a strong development team based out of Bangalore, CloudByte has already filed several patents and has a number of pilot projects underway with leading cloud service providers, enterprises, and storage resellers. CloudByte provides service providers and enterprises a carrier grade multi-tenant storage solution with predictable performance, secure isolation, and ease of administration, based on open standards and at an affordable price point. CloudByte 5.0 is a software only solution that is highly scalable with an open architecture based on industry standard protocols which enables customers to consolidate their existing storage infrastructure and expand seamlessly using commodity hardware.

About CloudByte, Inc.

CloudByte Inc. (www.cloudbyte.com) is a disruptive next generation storage virtualization software product company headquartered in San Mateo, CA, USA with its engineering team based in Bangalore, India. CloudByte’s software only solution helps customers save significant cost through the next generation of storage virtualization that delivers high utilization, predictable storage performance with full isolation and security. The CloudByte solution runs on industry standard hardware and allows cloud service providers & enterprises to consolidate and migrate proprietary storage solutions from other vendors to multi-tenant environments while realizing the true benefits of storage virtualization. 

About Nexus Venture Partners 

Nexus Venture Partners (www.nexusvp.com) is India’s leading venture capital fund, with offices in India and Silicon Valley. It has $320m under management and an active portfolio of over 40 companies across technology, internet, media, consumer, business services sectors. The Nexus team plays an active role in helping entrepreneurs and management teams build market leading businesses. Some of the companies that Nexus has invested in include Cloud.com (Cloud provisioning platform acquired by Citrix), Gluster (Open source cloud storage, acquired by Red Hat), Pubmatic (Publisher Ad revenue optimization), DimDim (Open Source Web Conferencing acquired by Salesforce.com), Snapdeal.com (Daily deals platform), MapMyindia (Digital Navigation), Netmagic (Managed Services and Cloud acquired by NTT), Komli (Online ad network), Prana (Animation services), and Bigshoebazaar (Online wholesale cash & carry platform).