SOURCE: Weka.IO

Weka.IO

June 07, 2016 08:00 ET

Weka.IO Announces Over $32M in Funding to Debut Entrance Into Storage Market, Initiate Sales and Marketing Expansion

Walden Riverwood Ventures II Leads Round With New Participation From Strategic Investor Qualcomm

SAN JOSE, CA and TEL AVIV, ISRAEL--(Marketwired - Jun 7, 2016) - Weka.IO™ LTD, today announced the closing of Series B funding, with participation from Qualcomm Incorporated, through its venture investment group, Qualcomm Ventures, Gemini Israel Ventures, Norwest Venture Partners, WRV II, L.P. and several individual investors. This new investment round brings the total capital raised to over $32M to date.

The new funding will be used to accelerate Weka.IO's go-to-market strategy, with immediate plans to expand sales and marketing in the USA. The company will also apply the funds to continue building an exceptional engineering team in Tel Aviv, Israel and San Jose, USA.

"Weka.IO's differentiated solution will radically change the economics of high performance storage. This highly disruptive technology is the work of a world class team with a successful track record of building highly differentiated storage systems," said Lip-Bu Tan, Chairman of Walden International. "With a product portfolio that will address tens of billions of dollars in market opportunity, Weka.IO represents a strong investment for us."

"We invest in companies that are building highly disruptive technologies," said Quinn Li, vice president and head of Qualcomm Ventures. "The Weka.IO team has strong expertise in storage systems and we look forward to supporting them in their mission to re-define how storage is deployed."

"The infusion of capital enables Weka.IO to further innovate with differentiated products and bring to market the next generation releases of software to expand the use cases and addressable market," said Michael Raam, President and CEO of Weka.IO. "The funds will also be utilized to grow our customer support and business teams in multiple geographical locations."

The patent-pending Weka.IO technology scales storage to hundreds of Petabytes, tens of millions of IOPs, with sub milliseconds latency at cloud economics. The revolutionary technology is enabling Weka.IO customers to achieve higher levels of efficiencies at a TCO that has not been possible with legacy storage technologies.

About Weka.IO

Weka.IO software defined storage (SDS) technology is transforming enterprise and cloud storage by radically simplifying the way storage is deployed in the datacenter. Weka.IO was founded in 2013 and funded by leading venture and strategic investors. For more information, visit www.weka.io or follow @wekaIO on Twitter®

WekaIO, wekaio.com and Weka.IO logo are trademarks of WekaIO, LTD.

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