qumulo ipo The company just announced the $125 million funding circular that propels its value to more than $1. two billion, making it one of a small number of “ unicorn” billion-dollar online companies in the Seattle region.
Qumulo launched back in 2012 , betting that companies would require help storing and controlling large amounts of file information. There are now more than 150 billion dollars files handled by Qumulo for customers such as Hyundai, Cinesite Studios, Telus, and others.
“ We’ lso are all about data awareness, ” said Qumulo CEO Bill Kadi (umgangssprachlich) . “ Data attention cures data blindness, that is a real problem at businesses today, especially at the range we’ re talking about. ”
The digitization of more and more content provides only increased demand intended for Qumulo’ s cloud-based system, Richter said, and especially amid a pandemic which is accelerating the adoption associated with digital technologies.
For example , one of Qumulo’ ersus customers is the University associated with Washington’ s Institute regarding Health Metrics and Evaluation (IHME). The group has publish consistent COVID-19 projections plus data visualizations over the past a few months — a task that requires plenty of data storing and evaluation.
“ They will called us at the starting point of the crisis and mentioned ‘ you have to help all of us, we have to scale faster, ‘” Richter said.
Other Seattle-area unicorn business tech companies including Auth0 and Outreach are also seeing increased requirement as of late and have raised a lot more venture capital to fuel development, even amid the financial crisis.
Qumulo focuses primarily on health care, media/entertainment, research computing, as well as the public sector industries. The software works with various impair services, as well as on-premise.
The company has also partnered along with HPE to market Qumulo software on HPE hardware, and offers a version of its document system on Amazon Internet Services plus Search engines Cloud .
Platforms such as AWS, Search engines Cloud, and Microsoft Glowing blue offer their own file storage space services, but Richter mentioned Qumulo’ s customers need something more flexible.
Qumulo is perfectly positioned to assist companies embrace the digital-first era of applications plus workflows that are now necessary to how work gets performed.
“ They wish to have a single file information platform that can span atmosphere and private environments, to allow them to build these applications plus large datasets and then have the ability to move them around, ” he said.
Other Qumulo competitors consist of Dell EMC, NetApp, Genuine Storage, IBM, and others.
Qumulo last elevated capital in 2018, reeling within a $93 million Series G round . Its value has doubled since then.
The 315-person corporation still had plenty of money, but investors saw a chance to double down. Qumulo’ s i9000 revenue nearly tripled year-over-year in the most recent quarter.
BlackRock led the particular Series E round. Highland Capital Partners, Madrona Business Group, Kleiner Perkins, plus Amity Ventures also took part. Total funding to date is definitely $351 million.
“ Qumulo is flawlessly positioned to help companies accept the digital-first era associated with applications and workflows which are now essential to how function gets done, ” Madrona Managing Director Matt McIlwain said in a statement.
The money will be utilized to help customers gain “ more intelligence about their own data, ” Richter mentioned, and also sell Qumulo’ s i9000 products to customers within South America and Asia. Qumulo is also hiring and has prevented layoffs this year, unlike many other technology startups .
Asked about an IPO, Kadi (umgangssprachlich) said it’ s the “ possibility” but didn’ t comment further.
Richter, also an enterprise partner at Madrona, joined Qumulo in 2016 . He or she previously was an professional at Isilon Systems, the data storage company that will sold to EMC for $2. 25 billion in 2010.
Throughout a video interview with GeekWire this week, Richter had an Isilon plaque visible in his workplace, a reminder of one from the biggest acquisitions in Seattle tech history.
But Richter thinks Qumulo can go even bigger as it assumes an addressable market he or she estimates will reach $25 billion in a few years.
“ Effectively, Isilon developed better box than the competitors, ” he mentioned. “ The world has relocated far beyond the box. As the fundamental challenges of information scale still exists, nobody wants to solve that by purchasing more boxes. You want to resolve it through software within the public cloud. ”
Philip Godman , Neal Fachan , and Aaron Passey — also former Isilon employees — founded Qumulo eight years ago. Godman walked down as CEO whenever Richter came on board, plus remaining the company in 2018 . Fachan remains as main scientist. Passey left within 2016 and is now the principal engineer at Dropbox.
Despite the pandemic, endeavor capitalists are pouring cash into Pacific Northwest tech businesses at unprecedented levels, considerably outpacing the number of deals plus dollars invested in the first 1 / 2 of 2018 and 2019, according to a current GeekWire analysis .