A report from technology news site Techcrunch had said that Pure Storage has been building a "war chest" to challenge flash storage leader EMC's dominance in the storage technology market. The flash storage startup recently received USD150 million in funding in a seed round led by T. Rowe Price, Tiger Global Management, and "other public market investors". Previous investors who also participated in the funding round were Greylock Partners, Samsung Ventures, Redpoint Ventures and Sutter Hill Ventures. The company, in an announcement, also said that the additional funding also helped the company to set sight on an initial public offering. The recent funding rounded up Pure Storage's total capital to USD245 million.
Launched in 2009, Purestorage has intended to bank on the flash storage sector, which is currently hot in the enterprise market. The use of solid-state flash for storage improves data movement that is more faster than storing data on hard drives. Hard drives come with mechanical moving parts that inhibits fast movement of data storage.
According to the Techcrunch report, Pure Storage's use of a pure-flash system makes the startup a direct competitor to storage market leader EMC. EMC had been busy since last year with strategic acquisitions to strengthen its position in the flash storage market.
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