Caringo, an Austin-based data storage solutions company, announced an $8.8 million round of financing on Thursday.
New Science Ventures and Advantage Capital Partners led the Series B, bringing Caringo’s total investment to $33 million since 2005.
“The additional funds raised in this tranche of our Round B funding will help us accelerate our product roadmap, expand in key vertical market segments and continue to invest in demand generation and awareness programs,” said Jonathan Ring, Caringo CEO and co-founder, in a statement. “Scale-out object storage is increasingly recognized as the best approach to providing organizations of all sizes with the massive scalability and reduced complexity that is needed in today’s data-intensive environments. Our investors understand this sea change and are helping us continue to deliver our market-leading technology to customers frustrated with their existing storage infrastructure.”
The financing will support marketing and growth of Caringo’s flagship product Swarm, a universal software appliance that protects data storage and provides a platform for management, organization and search at a large scale. Users have the ability to consolidate all of their files, locate the data they are looking for more efficiently, and decrease total storage cost of ownership by up to 75 percent.
Some of Caringo’s clientele include the Department of Defense, the Brazilian Federal Court System, City of Austin, Telefónica, British Telecom, Ask.com, Johns Hopkins University and more.
