IPO-Bound Tintri Raises $75 Million in Round Led by Insight Venture Partners
Tintri, a company focused on data storage in cloud environments, announced today that it has raised $75 million in a Series E round of venture capital funding led by Insight Venture Partners.
The round values the company at north of $600 million and brings its total capital raised to $135 million. Existing investors Lightspeed Venture Partners, Menlo Ventures and NEA also took part. Jeff Horing, a managing director at Insight, will join Tintri’s board of directors.
I met with Tintri CEO Ken Klein a few weeks ago and he explained that the company specializes in application-aware storage in the data center. Typically, data center applications run on virtual machines that divide up the hardware resources of one machine to make it behave like many. Virtualization is a primary technology behind cloud computing.
Tintri’s storage technology optimizes for those virtual machines and for the individual applications running on them. The result, it says, is storage infrastructure that’s more efficient and less costly overall than existing data storage technologies. Klein told me Tintri’s main competitor is NetApp and its customers include chipmaker Advanced Micro Devices; SonicWall, a computer security subsidiary of Dell; and Northwestern University.
The round is likely the last bit of funding the company will raise before it files for an initial public offering anticipated next year. It took another step on that path last month by naming Ian Halifax as its CFO. Halifax had been CFO of Wind River Systems, an embedded operating system company that went public in 1993 and was acquired by Intel in 2009.