Investments, News, Technology

Cloudbyte raises $4 million in Series B from Fidelity Growth Partners India and others

A cloud storage technology startup Cloudbyte, has raised USD 4 million in its second round of funding led by Fidelity Growth Partners India, the private equity arm of Fidelity Worldwide Investment (Fidelity), along-with existing investors Nexus Venture Partners and Kae Capital.

This funding will take total funds raised by Cloudbyte to USD 6.1 million. With this, Raul Rai, managing director with Fidelity Growth Partners India, will be joining the CloudByte board of directors.

The raised funds will be used by Cloudbyte for expanding global sales and marketing in addition to product development.

Raul Rai, said  “The company’s leading-edge ElastiStor storage technology, shipping since January, and its applicability for both cloud storage providers and enterprise private clouds helped us make this investment decision. It is refreshing to see what CloudByte has accomplished in a short period of time and we are looking forward to the company’s continued success and expansion into new markets.”

There is a fundamental shift in storage industry to a cloud based model, giving both cloud service providers and enterprises the flexibility and scale without betting the lot of money.

Recently, the company had appointed of former SanDisk General Manager Greg Goelz  as chief executive officer.

CloudByte ElastiStor has been verified to work with leading technology platforms, including VMware ESXi, Citrix XenServer, and Citrix CloudPlatform, and is now integrated with OpenStack block storage Cinder.

The company has offices in US (California) and India (Bangalore).

The cloud based platforms which have recently gained attraction of the investors include Shephertz Technology, a platform used by several developers and gaming firms like Zapak and SmartRX , a software platform for patient management which received $500K from Ventureast Tenet fund with two other unknown investors.

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