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Fund invests in Gridstore's US growth

Thursday, October 18 10:18:05

The Ulster Bank Diageo Venture Fund, which is managed by NCB Ventures, has invested $1.5 million in Gridstore, an Irish leader in next generation data storage solutions, as part of a $12.5 series A financing round.

The NCB managed Fund, together with Enterprise Ireland and a number of angel investors including Chris Horn, invested $2m in November 2010 to enable Gridstore to develop and launch its product in US market.

Other funding partners in the latest $12.5 million round include American companies GGV Capital and ONSET Ventures.

Founded by Kelly Murphy, Antoni Sawicki and Tomasz Nowak, Gridstore has developed a new generation of low cost data storage based on a grid concept, which according to John Dolan, Partner at NCB Ventures, is changing the game of scale-out storage internationally.

"Closing this funding round is a major milestone for Gridstore and a validation of the revolutionary nature and quality of its product. We are delighted to contribute additional funding to support the continued growth of the company. Helping the Company access new funding partners, GGV and Onset, as co-investors will allow the company to expand its sales channels and accelerate the delivery of its grid-based, scale-out storage solution internationally," said Dolan.

According to Dolan, Gridstore's unique storage solution allows businesses to start small and pay for their storage needs as they grow to any size. This eliminates the needs for businesses to plan and forecast in relation to their future needs and storage demands and eliminates disruptions to the business. Since launching in the US market in 2011, Gridstore has won numerous awards including Top Ten Storage Start up, Winner of Golden Bridge, Storage Product of the Year and Red Herring Americas Top 100 Award.