In the development of any business, there are always pivotal moments that define your journey. The vote of confidence that comes from a funding round is one of the most important, and today, I’m delighted to share the news that StorageOS (now Ondat) has secured $10 million in Series B funding.
This round has been led by Downing Ventures, existing investors Bain Capital Ventures, Uncorrelated Ventures and MMC Ventures also participated in the round alongside new investor, Chestnut Street Ventures. This brings the total funding raised by StorageOS to $20 million.
There are some other important and interesting parts of the backstory to share. This was an oversubscribed round, conducted remotely in the context of lockdown and all the uncertainty that has created. We were talking – via video – to investors in London, New York, Boston, San Francisco and in Europe, and in doing so, secured money from backers we have still to meet in person.
What do I take from this? The first point is that remote working can fully support processes where the participants would usually be very keen to meet. And secondly, the change in communication dynamic meant both ourselves and the investors placed even more emphasis on our technology, our amazing team, and our customer references That says a huge amount for the StorageOS team and what we’ve been working hard to build.
The technology context is also important. The space we are in is – without doubt – increasingly attractive to customers, partners, industry-watchers and as a result, investors.
There are over 6.5 million cloud native developers (which is an increase of 1.8M from this time last year). 1.7M are using Kubernetes directly and 4 million are using platforms automated with Kubernetes. It’s clear as the momentum behind cloud native technologies continues to grow, enterprises are driving rapid change which challenges the status quo – and traditional solutions are struggling. Add the influence of the pandemic, with organizations accelerating their move to the cloud, alongside faster innovation and digital transformation and we find ourselves delivering the right technology at the right time.
So, what’s next? We’ll invest these funds wisely in our go-to-market strategy, with a focus on scaling our sales and customer facing technology teams to build our user base and revenue. For the StorageOS team, our partners and everyone that has been part of our story so far, this is validation that belief in innovation, backed by vision and togetherness can take you anywhere. We look forward to the journey ahead with confidence and determination.