Tintri has raised $75 million [£44.8 million] in its latest round of funding that is likely a precursor to an IPO next year for the cloud data storage focused company.
The Series E funding round, which was led by Insight Venture Partners, was oversubscribed and saw participation from existing investors Lightspeed Venture, Menlo Ventures and NEA, and takes the total capital raised to $135 million [£80.67 million].
“It’s our strong belief that applications drive business and infrastructure exists only to support applications. The concept of application-aware storage goes way beyond merely replacing some disks with flash. As more customers discover the “yellow brick road” to freeing them from traditional storage or generic flash solutions, there is no going back. For Tintri customers, the unmistakable passion they have expressed for our products borderlines NPS perfection. With the additional funding, we are excited to offer our solutions to an ever larger audience,” stated Tintri CEO and chairman Ken Klein.
Tintri will use the new funding to hasten its international expansion and technology innovation as well as scale up its operations and better support its customer base that continues to grow.
The latest funding round values the company at some $600 million [£358 million] and as a condition of the latest funding round, Insight Venture Partners MD Jeff Horing joins the board at Tintri and was particularly impressed by Tintri.
“Tintri stands out as a company that has turned a bold thought-leading vision into an exceptional market-leading product. We are pleased to partner with Tintri to help the company scale and make application-aware storage ubiquitous in the data center and the cloud,” Horing added.
As part of its international expansion efforts the company also announced it is building a new Australian headquarters in Melbourne that will help it to establish operations in the country and continue its global push.