SOURCE: Coraid

Coraid

January 21, 2014 07:00 ET

Coraid Continues Business Momentum in 2013 by Providing Modular Approach to Storage for Cloud Service Providers and Private Cloud Deployments

Company Expands Customer Base, Extends Management Team, Secures Additional Financing, Garners Industry Recognition, and Invests in Key Technology Partnerships

REDWOOD CITY, CA--(Marketwired - Jan 21, 2014) - Coraid®, a leading provider of scale-out Ethernet storage solutions, today announced another strong year of momentum driven by the company's continued success with cloud service providers and enterprises building private clouds. Coraid added several new cloud customers in 2013, including ZettaGrid and 365 Media. Coraid delivers storage that fits the customer's business, allowing their customers to achieve greater business agility at a lower total cost of ownership. Coraid also garnered a "Visionary" position within Gartner's 2013 Magic Quadrant for general-purpose disk arrays.

To accelerate its growth in the cloud market, the company brought several experienced executives onto its leadership team, including Dave Kresse as CEO, Stewart Grierson as CFO, Keith Carpenter as vice president of worldwide sales, and Gail Boddy as vice president of human resources. The company also announced that it secured access to $29.3 million in additional financing in December 2013. This financing included participation from all current institutional investors as well as a financing with TriplePoint Capital.

"Coraid's Ethernet storage technology is ideal for large-scale cloud architectures, and the company has a proven track record of delivering lower total cost of ownership of storage to cloud service providers and enterprise customers building private clouds," said John Jarve, general partner at Menlo Ventures. "With the growing adoption of cloud architectures by service providers and enterprises worldwide, we are excited about Coraid's next phase of growth."

To support cloud service providers, Coraid entered into a number of partnerships with vendors in the OpenStack ecosystem. In February, Coraid joined the OpenStack community and provided drivers for Ethernet storage to the OpenStack Cinder project for block storage, enabling storage access over connectionless, massively parallel 10 Gigabit Ethernet. In May, SUSE became the first Linux provider to incorporate Coraid's Ethernet drivers. These drivers allow public, private and hybrid open-source clouds to seamlessly integrate with Coraid's EtherDrive and EtherCloud platforms to deliver scalable, automated storage services.

The company has proven over the past year that its modular, scale-out approach is at the forefront of helping service providers and enterprises alike tackle the challenges of deploying storage for cloud architectures. "If building clouds were easy, then everyone would be building them with ease," said Mark Peters, senior analyst at ESG. "Even veteran cloud builders experience challenges deploying and growing optimized cloud architectures. Organizations taking their maiden voyage need knowledgeable partners, like Coraid, to help guide and support them on a successful journey."

"We are passionately dedicated to helping our customers achieve greater business success with our infrastructure," said Dave Kresse, CEO of Coraid. "We have a proven track record and will continue to innovate so we are the clear storage vendor of choice for any organization looking to build a public or private cloud."

About Coraid
Coraid provides an ideal storage architecture for cloud service providers and enterprises deploying large scale multi-workload environments facing rapid, unpredictable data growth. Coraid leverages Layer 2 Ethernet to elevate network performance and improve operational simplicity. With its modular, pay-as-you-grow hardware and easy-to-use software solutions, Coraid gives customers the business advantages of just-in-time scaling, versatility, and operational effectiveness -- all contributing to a significantly lower total cost of ownership. For more information, visit www.coraid.com.