Maginatics Raises $17 Million
Maginatics is a file system company that focuses on the cloud. The company offers end-to-end WAN optimization, device security, and global namespace. Maginatics has raised $17 million in funding led by Intel. Other investors that participated in this round include Comcast Ventures, WestSummit Capital, EMC Corporation, VMware, and Atlantic Bridge.
Maginatics’ investors are strategic because some of them can also potentially serve as partners. Maginatics has raised $27 million in previous rounds.
“Being a startup and going to financial companies, semiconductor companies and media companies, it helps with credibility,” stated Maginatics co-founder and chief executive officer Amarjit Gill. By not having large partners, “we would have to work much harder to get this in the market.” Gill has experience selling companies he created to Google, Apple, and Broadcom.
Maginatics plans on using the funding to increase their marketing, sales, and business development. The company plans to expand to around 60-65 employees from 40.