Tintri Raises $125 Million in Financing to Accelerate Global Adoption of VM-Aware Storage
Mountain View, Calif. — Tintri Inc., a leading producer of VM-aware storage (VAS) for virtualization and cloud environments, today announced the close of a $125 million Series F round led by Silver Lake Kraftwerk. Tintri’s existing investors—Insight Venture Partners, Lightspeed Ventures, Menlo Ventures and NEA—also participated in the round, bringing Tintri’s total capital raised to $260 million. The company will use the funding to accelerate global adoption of VM-aware storage.
“We are honored to be partnering with such an esteemed group of investors,” said Ken Klein, chairman and CEO for Tintri. “The storage industry is going through a dramatic transformation. Virtualization and cloud are forces for change—and conventional DAS, NAS and SAN storage is struggling to keep pace. That’s why our message of VM-aware storage (VAS) is winning in the marketplace. This funding fuels our mission—we’ll be growing our global footprint and raising visibility of the business benefits of storage built specifically for virtualized enterprises. Customers that move from traditional and outdated storage platforms to Tintri are consistently amazed by our performance and simplicity—they never look back.”
“We believe Tintri’s trailblazing technology is disrupting storage software architectures for an expanding base of blue-chip customers,” said Adam Grosser, Tintri board member and Managing Director at Silver Lake Kraftwerk. “We see strong long-term growth potential for Tintri, and we are excited to partner with Tintri’s visionary management to deliver the next generation of storage solutions.”
Tintri has driven triple digit year-over-year growth and has an expanding global enterprise customer base—nearly half of its customers report annual revenues of $1 billion or more. At present, Tintri is trusted with more than 400,000 virtual machines, storing 50 petabytes of user data for enterprises and cloud service providers including Chevron, Comcast, ConocoPhillips, European Investment Bank, GE, NTT, MillerCoors, Rogers Communications, SK Telecom, Sony, Time Warner, United Healthcare and dozens of U.S. Federal Government agencies. Tintri’s rapid growth demonstrates that as organizations embrace virtualization, they need storage that does the same.
“We were very excited to migrate our customer workloads from conventional storage to Tintri and see an improvement in performance and available capacity in real time—just plain VM-aware storage out of the box.” Said Magnus Osterlund, Senior VMware & Wintel Architect at Solid Park.
“In the beginning, there was block storage and the leader was EMC and we worked with them. Then came file storage and the leader was NetApp and we worked with them. Now is the era of VM-aware storage and the clear leader is Tintri, and we are excited to make the future with them,” said Shoichi Morita, President and CEO for Networld Inc.
To learn more about Tintri’s vision for the future of storage join Kieran Harty, Co-founder and CTO, for an online presentation on August 20, 2015. Tintri also extends a special invitation to prospects, customers and partners to attend Tintricity, Tintri’s annual user conference in San Francisco, CA on August 30, 2015.
Tintri builds smart storage that sees, learns and adapts, enabling IT organizations to focus on virtualized applications and business services instead of managing storage infrastructure. Tintri application-aware storage eliminates planning and complex troubleshooting by providing VM-level visibility, control, insight and agility, with all flash performance for virtualized environment and the cloud. Tintri powers hundreds of thousands of virtual machines running business critical databases, enterprise apps, desktops and mobile apps, and private cloud deployments. Tintri helps global enterprises such as AMD, F5 Networks, GE, NEC, NTT, MillerCoors and Time Warner maximize their virtualization and cloud investments. For more information, visit www.tintri.com and follow us on Twitter: @Tintri.
About Silver Lake Kraftwerk
Silver Lake Kraftwerk is part of Silver Lake, the global leader in technology investing with over $26 billion in combined assets under management and committed capital and a team of approximately 100 investment and value creation professionals located around the world. Silver Lake Kraftwerk focuses on providing growth capital to technology innovators with established business models in the energy and resource sectors. Silver Lake Kraftwerk targets companies globally that leverage technology and business model innovation to improve energy efficiency, reduce waste and emissions, harness renewable energy, and more efficiently use natural resources, among other applications. For more information about Silver Lake Kraftwerk and its entire portfolio, please visit www.silverlake.com.
About Insight Venture Partners
Insight Venture Partners is a leading global venture capital and private equity firm investing in high-growth technology and software companies that are driving transformative change in their industries. Founded in 1995, Insight has raised more than $10 billion and invested in more than 200 companies worldwide. Our mission is to find, fund and work successfully with visionary executives providing them with practical, hands-on growth expertise to foster long-term success. For more information on Insight and all of its investments, visit insightpartners.com or follow us on Twitter: @insightpartners.
About Lightspeed Venture Partners
Lightspeed Venture Partners is a leading global venture capital firm with over $2 billion of committed capital under management. Lightspeed's investment professionals and advisors are located in Silicon Valley, India, Israel and China with Lightspeed China Partners. Over the past two decades, the Lightspeed team has backed more than 200 companies, many of which have become leaders in their respective markets, including Blue Nile, Brocade, Calista, Ciena, DoubleClick, eHealth, Fusion-io, Galileo Technology, Growth Networks, Informatica, Kiva Software, Kosmix, Link-A-Media, LivingSocial, Lucky Pai, Maker Communications, Phone.com, Playdom, Pliant, Provigent, Riverbed Technology, Solazyme, TutorVista, Virsa Systems, Waveset, and XtremIO. For more information, visit www.lsvp.com.
About Menlo Ventures
Menlo Ventures provides capital for seed through growth technology companies in the consumer and enterprise sectors. For decades, the firm’s market-driven research analysis has led to the identification of and successful exits in innovative technology markets. Notable research areas of investment include Mobile (Siri, MobiTV, Telenav), Enterprise Storage (3Par), Communications (Acme Packet, Cavium Networks), and Consumer (Carbonite, Roku). Founded in 1976, Menlo’s portfolio includes 70 public companies and more than 100 mergers and acquisitions. Menlo Ventures has $4 billion under management and is currently investing Menlo Ventures XI, a $400M fund with $20M allocated to the Menlo Talend Fund for fast seed funding. For more information, visit www.menlovc.com.
About New Enterprise Associates (NEA)
NEA is a leading venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With about $11 billion in committed capital, the firm invests in information technology, healthcare and energy technology companies at all stages in a company’s lifecycle, from seed stage through IPO. NEA’s long track record of successful investing includes more than 170 portfolio company IPOs and more than 290 acquisitions, including investments in technology leaders like Advertising.com, Data Domain, CareerBuilder, Diapers.com, Fusion-io, Groupon, Juniper, Macromedia, Millennial Media, Salesforce.com and TiVo. For additional information, visit www.nea.com.