Published by:This is a Press Release edited by StorageNewsletter.com on 2017.04.12
Source URL: http://www.storagenewsletter.com/2017/04/12/tegile-closes-33-million-in-financial-funding/
Tegile Systems, Inc. announced $33 million in additional funding.
With business growth and increased interest in all-flash storage deployments, the funding was led by Western Digital Corp. and current investors such as Meritech Capital Partners, Capricorn Investment Group, and Cross Creek Capital.
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The company will use the new funds to invest further in technology development and product innovation, and to expand worldwide market reach.
According to Gartner, the solid state array market will reach $10.4 billion by 2020 and account for 52% of the external storage market.
With an all-flash revenue growth rate of 110% year over year, Tegile is outpacing the market and is in a position for solid growth fulfilling its mission of helping companies transition to an all-flash data centre.
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