Valued at over $1 billion with strong sequential quarterly growth, Pure Storage has closed $150 million in Series E funding led by T. Rowe Price, Tiger Global Management and other public market investors.
This new funding brings the company’s total capital raise to $245 million and puts the all-flash storage pioneer on-track for a future initial public offering (IPO). Pure Storage will use the new funding to accelerate continued expansion of its European and Asia-based operations, grow its sales, support and marketing teams worldwide, and increase its investments in research and development.
When compared to traditional disk-centric arrays, Pure Storage all-flash enterprise arrays are said to be 10 times faster and 10 timers more space and power efficient at a price point that is less than performance disk per gigabyte stored. The Pure Storage FlashArray would be ideal for high performance workloads, including server virtualization, desktop virtualization (VDI), database (OLTP, real-time analytics) and cloud computing.
Pure Storage also announced today that former Data Domain CEO Frank Slootman has joined its board of directors. A revered veteran of the enterprise data storage and software industries, Slootman was one of the company’s earliest supporters and angel investors, which also include VMware’s cofounders: former CEO Diane Green and former CTO Mendel Rosenblum. Slootman guided Data Domain from its market entry through IPO and currently serves as CEO of ServiceNow. Slootman will now take a more hands-on role with Pure Storage, as a key strategic advisor.
“Pure Storage is experiencing much of what we did at Data Domain,” said Frank Slootman. “They’re replacing one storage media (disk) with another (flash). They pioneered the use of inline data reduction to remove the cost hurdle for the media upgrade, and, as a result of being the first to get this right they are growing about as fast as companies can grow organically. I am glad to be able to offer my own perspective in driving and managing growth to the top tier board of directors and leadership team at Pure.”
Since releasing its flagship FlashArray to general availability (GA) in 2012, Pure Storage has achieved over 50-percent consecutive quarterly growth, which makes it one of the fastest growing storage companies in the industry’s history.