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Venture Capital News: Hedvig Receives $21.5M

2017-03-02
SANTA CLARA, CA, Hedvig today announced the close of a $21.5M Series C funding round.
The round included new investments from EDBI, the dedicated investment arm of the Singapore Economic Development Board and Hewlett Packard Enterprise (HPE). The round also included expanded investments from Atlantic Bridge Ventures, including its Oman Technology Fund, and contributions from existing investors True Ventures and Vertex Ventures. With a total of $52M in financing to date, Hedvig will use the latest round of funding to expand into new markets, develop end-to-end cloud and backup solutions for large enterprises and grow its world-class engineering, sales and channel teams. To help lead Hedvig's growth in the $7 billion software-defined storage (SDS) market*, Hedvig announced in a separate release, that technology sales veteran, Ediz Ertekin, has joined to the company's executive team as SVP of Worldwide Sales and Field Operations.

New strategic investments from EDBI and Hewlett Packard Enterprise will accelerate Hedvig's growth in key markets. EDBI will aid in the expansion of Hedvig's development and go-to-market resources throughout Asia Pacific countries, including Singapore, Australia, China, Japan, Thailand, and South Korea, which have all shown a significant increase in SDS demand with a forecast of greater than 32 percent CAGR in the region through 2022.** HPE's strategic investment will assist Hedvig in offering its leading-edge SDS solution to enterprises architecting hybrid IT. Milan Shetti, CTO of the Data Center Infrastructure Group at HPE, will serve as a technical advisor to Hedvig.

75 percent of businesses are forecasted to be digital businesses by 2020***. Many of these organizations are not only faced with the overwhelming cost of migrating to the cloud, but also the complexity of operating in the cloud with enterprise storage growing 40 to 60 percent annually.**** Hedvig eliminates storage bottlenecks associated with deploying a cloud strategy. Its Universal Data Plane approach enables businesses to simplify how they scale their virtual data center, efficiently store their primary and secondary data, and begin the shift of their data to the cloud.

'All sectors of enterprise IT are being hit by new demands from the massive wave of emerging digital businesses. It's a wakeup call for the storage industry and a signal that a flexible, simple software-defined storage solution is needed for primary and secondary storage in the era of cloud,' said Avinash Lakshman, founder and CEO of Hedvig. 'This investment round is a testament to the hard work and dedication of the Hedvig team. We'll build on our early customer success in key financial services, service provider, manufacturing, energy and retail markets by continuing to innovate on both cloud and backup capabilities. With this latest investment, we are poised to grab the number one spot in the fragmented software-defined storage market.'

About Hedvig
Hedvig provides software-defined storage for enterprises building private, hybrid, or multi-cloud environments. Hedvig is the only solution designed for both primary and secondary data, making it ideal for legacy, modern, and backup workloads. The Hedvig Distributed Storage Platform consolidates block, file, and object into a single, API-driven platform that keeps pace with ever-growing data needs. Our patented Universal Data Plane technology forms a distributed, scale-out cluster that transforms commodity servers or cloud computing into a flexible foundation for bare metal, hypervisor, and container infrastructure. Customers like BNP Paribas, DGC, LKAB, and Mazzetti rely on Hedvig as a fundamental enabler of digital business.
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