Data storage firm Infinidat has raised $150m in a new round of funding, increasing its valuation to $1.2bn.
The round was led by TPG Growth and takes the company’s total funding to $230m. The money will be used to expand the operations of Infinidat, which currently employs around 200 people.
Both the companies did not disclose the terms of the transaction. TPG will join Infinidat’s board.
Infinidat was established in 2011 to create solutions for addressing information storage concerns of enterprises.
The company is delivering what it claims to be advanced, high performance enterprise-class storage system to address several issues of businesses. It reduces operational overhead, complexity and cost.
Infinidat CEO Moshe Yanai said: "Infinidat is on the verge of revolutionizing the enterprise storage market with a dramatically simpler, more cost-effective storage solution offering unparalleled performance, capacity, and reliability.
"The Infinibox storage solution has already been customer-proven and is in production in multiple Fortune 500 companies around the world."
Infinidat has filed over 100 software patents and the company’s InfiniBox solution allows consumers to store about 2 petabytes of data in a single rack.