Nov
09
2020
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Qumulo update adds NvME caching for more efficient use of flash storage

Qumulo, the Seattle-based data storage startup, announced a bunch of updates today, including support for NvME caching, an approach that should enable customers to access faster flash storage at a lower price point.

NvME flash storage development is evolving quickly, driving down the price with higher performance, a win-win situation for large data producers, but it’s still more expensive than traditional drives. Qumulo CEO Bill Richter pointed out that the software still has to take advantage of these changing flash storage dynamics.

To that end, the company claims with its new NvME caching capability, it is giving customers the ability to access faster flash storage for the same price as spinning disks by optimizing the software to more intelligently manage data on its platform and take advantage of the higher performance storage.

The company is also announcing the ability to dynamically scale using the latest technologies such as chips, memory and storage in an automated way. Further, it’s providing automated data encryption at no additional charge, and new instant updates, which it says can be implemented without any downtime. Finally, it has introduced a new interface to make it easier for customers to move their data from on premises data storage to Amazon S3.

Richter says that the company’s mission has always been about creating, managing and consuming massive amounts of file-based data. As the pandemic has taken hold, more companies are moving their data and applications to the cloud.

“The major secular trends that underpin Qumulo’s mission — the massive amount of file-based content, and the use of cloud computing to solve the content challenge, have both accelerated during the pandemic and we have received really clear signs of that,” he said.

Qumulo was founded in 2012 and has raised $351 million. Its most recent raise was a hefty $125 million last July on a valuation over $1.2 billion.

Jul
16
2020
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Qumulo scores $125M Series E on $1.2B valuation as storage biz accelerates

Qumulo, a Seattle storage startup helping companies store vast amounts of data, announced a $125 million Series E investment today on a $1.2 billion valuation.

BlackRock led the round with help from Highland Capital Partners, Madrona Venture Group, Kleiner Perkins and new investor Amity Ventures. The company reports it has now raised $351 million.

CEO Bill Richter says the valuation is more than 2x its most recent round, a $93 million Series D in 2018. While the valuation puts his company in the unicorn club, he says that it’s more important than simple bragging rights. “It puts us in the category of raising at a billion-plus dollar level during a very complicated environment in the world. Actually, that’s probably the more meaningful news,” he told TechCrunch.

It typically hasn’t been easy raising money during the pandemic, but Richter reports the company started getting inbound interest in March just before things started shutting down nationally. What’s more, as the company’s quarter closed at the end of April, they had grown almost 100% year over year, and beaten their pre-COVID revenue estimate. He says they saw that as a signal to take additional investment.

“When you’re putting up nearly 100% year over year growth in an environment like this, I think it really draws a lot of attention in a positive way,” he said. And that attention came in the form of a huge round that closed this week.

What’s driving that growth is that the amount of unstructured data, which plays to the company’s storage strength, is accelerating during the pandemic as companies move more of their activities online. He says that when you combine that with a shift to the public cloud, he believes that Qumulo is well positioned.

Today the company has 400 customers and more than 300 employees, with plans to add another 100 before year’s end. As he adds those employees, he says that part of the company’s core principles includes building a diverse workforce. “We took the time as an organization to write out a detailed set of hiring practices that are designed to root out bias in the process,” he said.

One of the keys to that is looking at a broad set of candidates, not just the ones you’ve known from previous jobs. “The reason for that is that when you force people to go through hiring practices, you open up the position to a broader, more diverse set of candidates and you stop the cycle of continuously creating what I call ‘club memberships’, where if you were a member of the club before you’re a member in the future,” he says.

The company has been around since 2012 and spent the first couple of years conducting market research before building its first product. In 2014 it released a storage appliance, but over time it has shifted more toward hybrid solutions.

Feb
04
2015
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Stealthy Seattle Storage Startup Qumulo Snags $40M Investment

Exposed spinning hard drive Qumulo (pronounced cume-u-low), a stealth storage startup out of Seattle, announced a $40M Series B investment today. The round was led by Kleiner Perkins Caufield & Byers (KPCB) with participation from existing investors Highland Capital, Madrona Venture Group and Valhalla Partners. Company co-founder and CEO Peter Godman says the founders cut their teeth in the early 2000s at Isilon,… Read More

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