Pivot3 Obtains $45M in Financing to Increase Growth of Hyper-Converged Solutions
Pivot3 will use the proceeds to expand sales and marketing teams to respond to increased demand for its hyper-converged infrastructure (HCI) products.
AUSTIN, Texas – Video surveillance storage provider Pivot3 has secured $45 million equity and bank financing. The company will use the new financing to accelerate the company’s growth of hyper-converged infrastructure (HCI) solutions.
The new funding is aimed at accelerating Pivot3’s growth and extends the company’s technological competitive advantage. To accelerate its growth, the company will add resources to provide customers with the latest HCI solutions to support additional IT workloads as they broaden the applications operating on the Pivot3 platform.
Additionally, the company plans to increase its presence in data backup and disaster recovery by leveraging its storage efficiency and the high fault tolerance of its patented Global Hyper-Convergence technology, according to a company press release.
“The pervasive need to address unmanageable IT complexity while providing lower cost and improved service on a global scale has created an environment for explosive growth in the HCI market,” Pivot3 Chairman and CEO Ron Nash. “Pivot3 now has the opportunity to go from being an original innovator of hyper-converged infrastructure to becoming a global leader in providing transformative IT infrastructure technology to our customers, who are leaders in IT and security organizations.”
With the funding, the firm will also invest in sales and marketing, recruit top talent across multiple job functions in various geographies globally and expand on its channel partner strategy.
Argonaut Private Equity, a new investor in Pivot3, joins S3 Ventures, InterWest Partners, Mesirow Financial Private Equity and the Wilson Sonsini Goodrich & Rosati investment fund in providing additional equity in this closing.
As a part of this round, Steve Mitchell, managing director of Argonaut Private Equity, will join Pivot3’s Board of Directors.
“We invest in premier companies that can transform large and important industries,” Mitchell says. “Pivot3 is on the leading edge of a once-in-several-decades transformation of the underlying technology that operates IT data centers globally.”
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