Storage systems for back up data and archiving experts SageCloud, Inc had announced that it had completed its latest Series B financing. The amount raised totalled US$10 million.
The funds raised would be utilized to accelerate the deployment of the products of the company for current customers as well as undertake expansion of operations. This is a respnse to the rapidly increasing growth in archival and backup storage in the light of the development of Big Data analytics. It is projected that the market would grow a further 60% annually in the next ten years.
The investors that led the funding round include Braemar Energy Ventures and was supported by existing investors namely Matrix Partners, Braemar's Partner Dr Jiong Ma.
According to SageCloud Founder and CEO, Jeff Flowers said, "SageCloud has developed powerful system software which leverages open-standards enclosures and economical commodity drives to optimize energy efficiency, drive sustainability and long-term data preservation for customers' data centers, In this way, we are revolutionizing the economics of data storage."
Sagecloud's storage products are engineered to address the issue of infrequently stored data storage corruption while at the same time provide reliability as well as efficiency.
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