Investments, News

Maginatics, a web based storage startup raises $17 Mn

MaginaticsBased in California, Maginatics – a web based storage startup has raised $17 million in series B funding led by Intel Capital, Intel’s venture arm with participation from Comcast Ventures, WestSummit Capital, EMC Corp’s venture arm, VMware Inc. (VMW) and Atlantic Bridge.

Maginatics provide enterprises with its simplified storage and backup solutions on top of cloud technology.

The raised funds – as declared by the company – will be used to scale sales, marketing and fuel the overall growth of the company in US and international markets – and increase the pace of adoption of its flagship product, MagFS (Maginatics File System). MagFS is a storage solution product, specifically designed by the company to overcomes the geographical limitations of NAS.

NAS no longer fits today’s highly-distributed enterprise as companies today have multiple offices around the globe, claims the company. With native WAN optimization, mobile connectivity and fine-grained locking, MagFS provides an ideal solution for geographically-distributed environments.

“Since coming out of stealth last year, we have seen a sharp ramp up in customers who love the ease-of-use and cloud accessibility delivered by MagFS,” said Amarjit Gill, co-founder, Maginatics. “This funding round by top venture capitalists is further validation of our vision to revolutionize enterprise storage.”

Founded in 2010, by a highly skilled team with its co-founder and CEO, Amarjit Gill having exited successful ventures that were sold to companies like Broadcom, Apple, Google and Facebook. Its CTO, Jay Kistler earlier led the research and development division for Yahoo’s search and advertising business.

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