Israeli data storage company Weka.IO Ltd. today announced the closing of Series B funding, with participation from Qualcomm Incorporated, through its venture investment group, Qualcomm Ventures, Gemini Israel Ventures, Norwest Venture Partners, WRV II, L.P. and several individual investors. This new investment round brings the total capital raised to over $32 million.
The new funding will be used to accelerate Weka.IO's go-to-market strategy, with immediate plans to expand sales and marketing in the USA. The company will also apply the funds to continue building an exceptional engineering team at its offices in Tel Aviv and San Jose, California.
Founded in 2013, Weka.IO's software defined storage (SDS) technology is transforming enterprise and cloud storage by radically simplifying the way storage is deployed in the datacenter.
"We invest in companies that are building highly disruptive technologies," said Quinn Li, vice president and head of Qualcomm Ventures. "The Weka.IO team has strong expertise in storage systems and we look forward to supporting them in their mission to re-define how storage is deployed."
Weka.IO president and CEO Michael Raam said, "The infusion of capital enables Weka.IO to further innovate with differentiated products and bring to market the next generation releases of software to expand the use cases and addressable market. The funds will also be utilized to grow our customer support and business teams in multiple geographical locations."
The patent-pending Weka.IO technology scales storage to hundreds of Petabytes, tens of millions of IOPs, with sub milliseconds latency at cloud economics. The revolutionary technology is enabling Weka.IO customers to achieve higher levels of efficiencies at a TCO that has not been possible with legacy storage technologies.
Published by Globes [online], Israel business news - www.globes-online.com - on June 7, 2016
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