Software Storage Company Nexenta Raises $24 Million
Nexenta is a storage startup company that has raised $24 million in funding. Nexenta said that the funding will be used to help them educate the market. Nexenta was founded in 2005 and competes against companies like NetApp and EMC.
This round of funding was led by new investor Four Rivers Group. Other investors that participated in this round include Menlo Ventures, TransLink Capital, Javelin Ventures, Sierra Ventures, Razor’s Edge Ventures, Presidio Ventures, UMC Capital, and West Summit Capital.
“Nexenta’s software runs on any industry standard server, whereas EMC or NetApp lock buyers into building out storage using only their branded hardware,” stated Nexenta CEO Mark Lockareff. Lockareff is a former investor in Facebook and has been an advisor to many startups.
Lockareff has been recently appointed in the CEO position. He replaced former CEO Evan Powell, who will now be the chief strategy officer. Former NetApp executive Bridget Warwick was recently appointed as the chief marketing officer.
Nexenta is growing at a rapid pace, which is why this round was over-subscribed. They are used by over 5,000 customers. Previously the company raised $21 million in funding.