Nirvanix, a San Diego-based developer of cloud storage platforms, has raised an undisclosed amount of VC funding from European Founders Fund. The company had previously raised around $29 million from firms like Intel Capital, Valhalla Partners, Windward Ventures and Mission Ventures.
Nirvanix, the premier “Cloud Storage” platform provider, today announced that it has received funding from European Founders Fund, a top tier German venture capital firm with an enviable record of success in launching Internet ventures and a strong network of business relationships throughout the continent.
Nirvanix plans to use the investment money to fund its European expansion, leveraging its innovative Storage Delivery Network (SDN) platform. The market expertise and customer contacts of the European Founders partners are expected to accelerate Nirvanix’s visibility and business development in the European market.
In January, Nirvanix announced the opening of an additional storage node in Europe, increasing its network footprint and enabling the intelligent storage and movement of files, guaranteeing the best performance and end user experience on a global scale. These new storage nodes have accelerated the Nirvanix performance advantage to the point where SDN customers in Europe will enjoy 400% faster download speeds for large files on average over competing services, as measured by Webmetrics.
“This strategic investment from EFF allows us to capitalize on the tremendous market opportunity for cloud storage, particularly for digital media and online archive/backup storage, and accelerate our strong growth in Europe where today approximately 50 percent of our customers reside,” said Patrick Harr, CEO at Nirvanix. “Just as important as the financial impact is EFF’s strong network in our media rich target market coupled with their tremendous entrepreneurial track record and investments in well known Internet companies. The Samwer brothers have invested in companies such as Facebook, LinkedIn, and the leading social, media and auction networks in Europe, which are a perfect combination in establishing Nirvanix as the de-facto cloud storage platform in Europe.”
“We’re excited to add Nirvanix to our portfolio of innovators with the potential to dominate markets,” said Alexander Samwer, a managing partner at European Founders. “Europe is absolutely primed for a radical cost-saving technology such as the Nirvanix Storage Delivery Network and we are well positioned to help guide the company in exploiting the abundant market opportunities throughout the continent.”
With its aggressive move into Europe, Nirvanix is targeting the world’s largest single economic opportunity with the GDP for the European Union predicted to reach $17.8 trillion this year, almost 25 percent larger than that of the U.S.
Nirvanix has made a major splash in the industry since emerging from stealth mode last year. The company has been named one of the “Top 10 Startups to Watch” by storage networking website Byte and Switch, which also designated the Storage Delivery Network as one of the “Top 10 Storage Products of 2007.” Additionally, Nirvanix has been named a finalist for a CODiE Award by the Software & Information Industry Association (SIIA) in the Best Storage Software Solution category.
About European Founders Fund
European Founders Fund is a highly selective investment company run by brothers Marc, Oliver and Alexander Samwer. The Samwer brothers founded Alando (which became eBay Germany), and Jamba! (now part of News Corp). The companies they created have achieved combined sales of more than 1 billion EUR. The European Founders Fund is focused on investing in young and later stage technology and new media companies, which have included market leaders such as LinkedIn and HomeAway.
About The Storage Delivery Network
Nirvanix has built a global cluster of storage nodes collectively referred to as the Storage Delivery Network (SDN), powered by the Nirvanix Internet Media File System (IMFS). The SDN intelligently stores, delivers and processes storage requests in the best network location, providing the best user experience in the marketplace. With the ability to store multiple file copies in multiple geographic nodes, the SDN enables unparalleled data availability for developers, businesses and enterprises.
By using the Nirvanix SDN versus alternatives such as adding network storage systems or using first generation online storage platforms, businesses are guaranteed a shorter time-to-market, reduced costs, and also benefit from better flexibility and control for their operations.
Nirvanix is the premier “Cloud Storage” platform provider. Nirvanix is a privately held company headquartered in San Diego, California and backed by world-class investors including Intel Capital. For more information about the company and its services, visit www.nirvanix.com.