Cloud storage start-up Minio raises $20 million
Cloud storage start-up Minio will use the funds to accelerate product development
New Delhi: Palo Alto- and Bengaluru-based cloud storage start-up Minio Inc. on Tuesday said it has raised $20 million in a funding round led by Dell Technologies Capital, General Catalyst Partners and Nexus Venture Partners.
Intel Capital, AME Cloud and California-based entrepreneur Steve Singh participated in the series A round. This follows the $3.3 million seed funding the firm raised from Nexus and General Catalyst in June 2015.
Minio is an open-source application that gives users the ability to store their data across a range of cloud storage solutions including Amazon S3. The funding will be allocated to accelerating product development, the company said in a statement.
Globally, nearly all websites and internet-based applications are stored on cloud servers maintained by Amazon, Microsoft and Google, and companies’ own on-premise servers. Minio addresses the need for a cloud storage solution that is compatible with other such services, where firms can choose to store their data on multiple platforms.
“Emerging trends like AI, IoT and 5G will further accelerate the massive explosion of data taking place today,” said Anand Periasamy, co-founder and chief executive of Minio. “With such an influx, multi-cloud and standardization of the infrastructure stack is inevitable. We’re thrilled to be pushing the industry forward with support for multi-cloud, and welcome our newest investors as we continue to innovate and meet growing market demand.”
Since its public rollout in January this year, Minio has been downloaded over 10 million times.
Minio was started in 2014 by Periasamy along with Frederick Kautz, Garima Kapoor, and Harshavardhana. Periasamy had earlier founded Gluster, a software-based storage solution that was later acquired by software company Red Hat.
“Minio was quick to recognize the explosive growth of unstructured data and is delivering innovative solutions to address customer’s cloud-native object storage needs. The addition of multi-cloud support underscores Minio’s deep understanding of industry trends and facilitates customer-choice,” said Gregg Adkin, managing director at Dell Technologies Capital.
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