London UK, February 23, 2021 – StorageOS (now Ondat), a leader in cloud native storage management, has today announced a $10 million Series B funding round to build on growth, which has seen more than 4,000 customers globally implement its software-defined storage solution. 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 to date by StorageOS (now Ondat) to $20 million.
The company will now invest further in its go-to-market strategy and scale its sales and customer facing technology teams to build its customer base and revenue.
“Securing a further significant round of funding is an important step in the development of the business and a huge vote of confidence in our team, technology and achievements to date,” said Alex Chircop, Founder and CEO of Ondat (formerly StorageOS). “Working alongside a group of committed investors, including those who have supported us during our previous funding round, has been key to the growth of the business and we’re looking forward to building on our strategy worldwide.”
“We are delighted to announce our investment in Ondat (formerly StorageOS), a company that is uniquely positioned as a global leader in cloud native storage management. As modern technology companies are transitioning to containerised architectures and stateful containers are proliferating, we see significant growth of demand for new and improved storage management solutions,” said Jack Eadie, Investment Director at Downing Ventures. “We focus on a thematic investing strategy within the Enterprise and DeepTech sectors to find emerging global leaders with top tier management teams who are addressing large global multi-billion-dollar challenges.Ondat (formerly StorageOS) is exemplary on every front and we are excited to be moving forward with Alex and his team.”
“Storage subsystems need to be containerized – it’s the future – but not if it compromises performance. That was the real test: could the Ondat (formerly StorageOS) container-based storage engine run and support very high performance workloads such as transactional databases?” said Salil Deshpande, General Partner at the Bain-backed Uncorrelated Ventures. “Once I saw it in action, delivering stunning results, and consistently blowing away all the competition in independent benchmarks, I knew it was a winner. I’m excited to continue investing in the company, following my investments in both their prior rounds.”
Bill Lehmann, Partner, Bain Capital Ventures commented: “We have backed Ondat (formerly StorageOS) since the seed stage and are thrilled to be investing more in this round. As enterprise teams everywhere adopt Kubernetes, there needs to be a vendor that allows them to run stateful applications. We believe Ondat (formerly StorageOS) has built the platform that these teams will standardize on and are excited to see the company grow with the additional funding.”
“We’re excited to be supporting Alex and the Ondat (formerly StorageOS) team again. The business has made excellent progress since we first invested, and across the market adoption of containers and Kubernetes has skyrocketed,” said Simon Menashy, Partner, MMC Ventures. “We invest across the cloud infrastructure stack and software-defined storage is a key missing piece of the puzzle. It’s clear that Ondat (formerly StorageOS) has the leading solution in the market.”
“The operational complexities of cloud-native workflows require advanced infrastructure” said Jonathan Meltzer, senior principal at Chestnut Street Ventures. “We believe that Ondat (formerly StorageOS)’s software-defined storage approach represents an effective and scalable solution to meet the need created by the continuing growth of container deployments”.
Ondat (formerly StorageOS) gives customers total control of their storage environment, whether on-premises or in the cloud. By delivering persistent storage to applications in container environments, users can achieve all the business benefits of containers and orchestrators. As a fully software defined storage company, Ondat (formerly StorageOS) offers an enterprise class, highly performant solution with features for today’s digital business. To find out more please visit https://docs.ondat.io/
About Ondat (formerly StorageOS)
Ondat (formerly StorageOS) is a cloud native, software-defined storage solution to deliver persistent storage for Kubernetes. Ondat (formerly StorageOS) is built from the ground-up with no legacy restrictions to give developers working with cloud native workloads total control of storage with no compromise on performance, availability, or security. For additional information, visit www.ondat.io.
About Downing Ventures
Downing Ventures is an evergreen fund investing in seed to Series A companies, with the possibility of follow-on investments. We invest in a variety of technology sectors including Healthcare, Deep Tech, Industry 4.0/Mobility, FinTech and Enterprise. We have a portfolio of 71 companies as of September 2020. We work alongside a number of investment partners and accelerator programmes and incubators, including the London Co-Investment Fund. www.downingventures.com
Janki Kaura, Ondat