California-based startup Hedvig, a developer of software-defined storage (SDS) solutions, has raised $21.5m in a series C funding to expand into Asian market.
The funding has been provided by Hewlett Packard Pathfinder, the venture capital arm of Hewlett Packard Enterprise (HPE); EDBI, the investment arm of Singapore Economic Development Board, Atlantic Bridge Ventures, Oman Technology Fund, True Ventures and Vertex Ventures.
Hedvig was launched in 2015 by Avinash Lakshman and it offers SDS services for enterprises building cloud environments through its distributed storage approach.
Software-defined storage is a data storage approach where the programming that controls the storage-related tasks is separated from physical storage hardware. In SDS services, there is a huge emphasis on storage-related services rather than the storage hardware.
The software used in the storage environment can be used for data management including deduplication, replication, thin provisioning, snapshots and backup.
With the new round of funding, Hedvig is poised to pursue new markets and to develop end-to-end cloud and backup solutions for large enterprises. It plans to pursue the Asia Pacific market with the new funding.
It says that region has shown a significant increase in the demand for SDS services and estimates the market to grow at a compound annual growth rate of 32% through 2022.
The company estimates that the software-defined storage will be a $7bn market in the near future and plans to explore this emerging market.
According to Hedvig, about 75% of businesses are expected to become digital by 2020 and notes that many of the organisations are faced with the high cost of migrating to and operating in the cloud.
The company says that it offers services which can remove such bottlenecks using its Universal Data Plane, which is claimed to be a hyperscale architecture.
Universal Data Plane helps in overcoming rigidity and economics of traditional storage while supports any application and any operating system.
Hedvig founder and CEO Avinash Lakshman said: “All sectors of enterprise IT are being hit by new demands from the massive wave of emerging digital businesses. It’s a wake-up 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.
“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 in both cloud and backup capabilities. With this latest investment, we are poised to grab the No. 1 spot in the fragmented software-defined storage market.”
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Atlantic Bridge managing partner Brian Long said: “We’ve seen tremendous growth and traction from Hedvig since they launched in 2015. Their ability to attract customers ranging from blue-chip companies to large financial institutions like BNP Paribas is a testament to the quality of the product and support Hedvig offers.
“Hedvig’s strong vision for modern storage positions the company for clear leadership in the software-defined storage market, especially as enterprise use of public cloud continues to take hold.”