March 15th, 2016 by Adam Armstrong
Pivot3 Announces Another $54.6 Million In Funding
Today Pivot3 announced a $54.6 million equity and bank financing. Pivot3 intends to use the funding to accelerate its growth while enabling it to bring to market the most extensive suite of hyper-converged and all-flash storage solutions with predictable performance. The funding comes from Argonaut Private Equity and S3 Ventures, two continued investors in Pivot3.
Hyper-converged platforms are nearing a $10.6 billion addressable market in the United Sates, according to Technology Business Research (TBR). TBR also suggest that the flash storage market will reach a $13.5 billion market value by 2018. This growth is being fueled by organizations looking for more efficient internal processes and operations management and higher performance. Pivot3 has these areas covered with its recent acquisition of NexGen. Adding NexGen’s strengths to Pivot3’s line helps IT avoid overprovisioning by allowing them to use just-in-time dynamic provisioning of resources and scale as the business grows. Pivot3 will be better able to address the demands of things such as the IoT and customers that have always on expectations.
Pivot3 states that the latest round of funding will go toward delivering a new set of solutions that will uniquely address the critical data center challenges of agility and cost as well as integrating NexGen's QoS into its HCI solutions. Pivot3 also intends to invest some of the new funding into sales and marketing initiatives to speed go-to-market and fuel the company’s continued growth.