Israeli enterprise storage company E8 Storage has raised $12 million in a Series B round led by Accel with participation from existing investors Vertex Partners and Magma Venture Partners.
E8 Storage builds rack-scale flash architecture to accommodate NVMe (Non-Volatile Memory Express) storage that promises to improve performance and reduce latency in data centres. This new round of funding is hoped to bring the storage technology to a wider market, said the company.
“Today’s investment brings us closer to launching our software-centric solution, which is currently in beta testing, as the only scale-out solution in the industry,” said E8 CEO Zivan Ori, a former R&D manager at IBM-XIV.
“It provides a rich feature set of data services such as high availability, RAID and thin provisioning, and can be easily scaled and upgraded as hardware components improve. The fast-growing interest in E8 Storage proves that the market for shared NVMe solutions is definitely maturing.”
E8 Storage intends to double its research and development team in Israel as well as hire a sales and marketing team in the US to push its product out.
Kevin Comolli, partner at Accel, added that E8 Storage’s products will address a need in the market to tackle and process the growing fields of big data analytics and the internet of things, which will continue to churn out huge amounts of data.
E8 Storage previously raised $6 million in Series A funding from Magma Venture Partners last September.
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