Fast data solutions firm Terascala said it was able to close additional equity investment from its current venture capitalist backers and new investors. The round was led by Ascent Venture Partners, Harborlight Capital Partners and Thomas Weisel Partners. Terascala also announced that it had signed a financing deal with San Jose, California-based Bridge Bank. The lender granted the company two lines of working capital. Bridge Bank also gave Terascala an added asset-based lending facility as part of the agreement. No financial details were disclosed for both transactions.
Under an original equipment manufacturer or OEM sales model, Terascala said it was able to better support their primary OEM partners. Through its primary OEM partners Dell and NetApp, Terascala's OEM sales grew by more than 100% last year. The company expects to close 2013 with an annual growth of over 75%.
Proceeds from the latest round would be used by Terascala to develop the Intelligent Storage Bridge or ISB, a high-performance workflow manager. The ISB has the capability to automatically and quickly transfer big data sets between fast scratch storage and enterprise storage.
Join the Conversation