Pure Storage attracts Index as backer and targets Europe
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Index Ventures has led a Series D funding round into all-flash enterprise storage company Pure Storage.
US-based Pure Storage has raised $40 million (£25 million) of venture capital funding and taken its total fundraisings to date to $95 million.
The new capital is said by Pure Storage to allow it to accelerate its market strategy and grow internationally.
With new cash coming from Index Ventures, Greylock Partners, Redpoint Ventures and Sutter Hill Ventures, it now plans to establish bases in Europe in conjunction with its channel partners.
As part of the deal, Index Ventures senior partner Mike Volpi will now join the board of Pure Storage.
The American business, which provides enterprise storage in a flash capacity rather than using the traditional hard-disk way, began its fundraising efforts by securing $5 million during its Series A funding from Sutter Hill Ventures and backer Brad Garlinghouse.
It then followed this up with two further rounds: a $20 million Series B transaction in August 2010 and a Series C deal worth $30 million in August 2011. Its latest round sees Index Ventures join an already long list of institutional backers.
Scott Dietzen, CEO of Pure Storage, says that the business is 'encouraged' by the continued commitment of its existing investors as it looks to expand into Europe.
He adds, 'The key now is to have access to the working capital to get this technology into the hands of the customers and partners that are screaming for it.'
Index Ventures' last deal came back in July when the firm led a $21 million Series A investment into FuzeBox. That transaction also saw Volpi join the board to aid with the growth of its sales, marketing and engineering services.
Volpi comments, 'The advent of solid state memory technology as a mainstream, enterprise-class storage solution represents one of the most disruptive changes that the industry will see in a decade.
'Index has been fortunate to support a number of transformative companies over the years. We are confident that Pure Storage represents exactly such an industry-leading company.'