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Qumulo 'cumulates mad dollar through VCs with Chinese connection
Lucky filer startup swimming down cash river
Scale-out filer startup Qumulo has gained another $30m in funding less than a year after getting $32.5m. Either it's burning cash in a development conflagration or the VCs are keen about its prospects under a new CEO and want to help it build its infrastructure and develop its product tech fast.
Here's this lucky startup's founding and funding history:
|$30m C-prime round
Qumulo has averaged $34.2m funding a year from 2015 to 2017 and says total funding is now more than $130m. The new cash will support the growth of its scale-out storage product and rapid expansion into vertical industries in North America, Europe and Asia.
The keen VCs in this oversubscribed C Prime funding round were led by new investors Northern Light Venture Capital (NLVC) and other strategic investors, with participation from existing investors Kleiner Perkins Caufield & Byers (KPCB), Madrona Venture Group, Top Tier Capital Partners, and Tyche Partners.
NLVC is a China-focused venture capital firm, suggesting Qumulo is looking at growing sales across the Great Wall of China.
We're told the company has experienced 425 per cent year-over-year growth in petabytes shipped to customers. That's a pretty steep curve. We imagine it's got pretty steep new customer acquisition and revenue curves as well. If the VCs know what they are doing then Qumulo is a company to watch. ®