CloudByte, a cloud service provider, recently announced its $4 million Series B funding acquisition spearheaded by Fidelity Growth Partners India. Other investors in the round include Nexus Venture Partners and Kae Capital. CloudByte, based in Campbell, California, now boasts $6.1 million in total funds raised after an initial $2.1 million Series A funding from major investor Nexus last year.
Fidelity Growth Partners India's Raul Rai joined CloudByte's board of directors as part of the latest round.
The funds on this latest acquisition are to be used for the expansion of the Californian company. The funds are also for the company's attempt to increase visibility and product development.
"We are very pleased to be part of the ongoing CloudByte success story," Raul Rai said. "The company's leading-edge ElastiStor storage technology, shipping since January, and its applicability for both cloud storage providers and enterprise private clouds helped us make this investment decision. As part of our diligence, we also observed that CloudByte has achieved greater traction than companies that have raised much larger rounds of funding. It is refreshing to see what CloudByte has accomplished in a short period of time and we are looking forward to the company's continued success and expansion into new markets," Rai added.
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