Their secret? Fast data transfers
Bouncing between San Jose and Tel Aviv might be a headache, but one company with offices in the two silicon cities has a whole lot more to be happy about this weekend. Storage startup Weka.IO announced a $22.25 million Series B investment Tuesday, led by Walden Riverwood Ventures with participation from Qualcomm, Norwest Venture Partners and Gemini Israel Ventures.
It brings their total haul to $32.5 million, counting a $10 million Series A last year led by Gemini and Norwest. They launched just three years ago.
“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 cloud storage market might be worth as much as $65.41 billion in 2020 according to Markets and Markets. Cloud storage is no longer considered a competitor to traditional storage in personal computers and disks/USB drivers, as much as it is the inevitable method of saving data set to overtake personal storage. They estimated market value at $18.87 billion in 2015.
Weka.IO isn’t going out on a limb and claiming there is no delay in their data transfers, but they claim “sub milliseconds latency” — basically, pretty fast.
Walden Riverwood mostly focuses on semiconductor companies judging by their online portfolio. Qualcomm’s portfolio is somewhat more diverse, with companies like Bracket Computing and CloudFlare on the one hand, to healthtech startups like Doctor On Demand and Edico Genome on the other.
“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.”
Featured image credit: Jakec / Creative Commons