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Data storage company Cleversafe has raised an oversubscribed $55 million Series D round led by New Enterprise Associates (NEA). Existing investors also participated, while New World Ventures joined for the first time. To date, Cleversafe’s funding has surpassed $100 million.
“Large data storage capacity requirements are growing worldwide at 60% per year, so Cleversafe is growing to reach more customers as well as to continue to enhance our products to meet this increasing demand,” says founder and Vice Chairman Chris Gladwin.
Cleversafe’s technology enables the storage of massive amounts of data. The company achieves this by slicing data into pieces and dispersing them across a number of storage nodes. Using information dispersal algorithms and encryption, Cleversafe makes this level of storage more efficient without sacrificing security.
This nine-year-old company has seen impressive growth since 2009. During that time, both revenue and the number of customers has more than doubled, leading it to ship over 200 petabytes of data to storage.
On the heels of impressive growth, Cleversafe will use this funding to maintain its momentum and customer engagements. It will also expand into new market verticals while ramping up product development.
“Cleversafe has pioneered a new approach to storage,” said J.B. Pritzker, partner and founder of New World Ventures. “We are excited to join John and the Cleversafe team as the company solidifies its market leadership and expands its customer base of world class organizations.”
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