As we produce new data at a seemingly exponential rate, storage has become one of the most critical -- and lucrative -- components of our tech-enabled future.
To that end, Austin-based infinite io has secured an oversubscribed $10.3 million Series B round to migrate inactive data into cloud storage and cut the cost of data storage for a wide variety of businesses, governments and educational institutions.
The new round was led by former Motorola CEO and Cleversafe Chairman Chris Galvin, and Chris Galvin’s son, David, of Three Fish Capital. Chicago Ventures, John Anderson, Dougherty and Company, Equus Holdings and PV Ventures also contributed.
But, perhaps more interesting on the local level are contributions from angel investors Dean Drako, who founded Eagle Eye Networks and Barracuda Networks before that, and Brett Hurt, who founded data.world and Bazaarvoice before that. Drako also sits on infinite io's advisory board.
infinite io says about 80 percent of all stored data is never accessed again after first being created -- and that inactive data grows quickly. Their tech helps automate the management of that inert data by sending it to low-cost cloud storage.
The company was co-founded in 2014 by CEO Mark Cree, VP of Engineering Jay Rolette and VP of Operations David Sommers. It launched its first major product -- what it called "the world's first network-based storage controller" -- in 2015.
A few months later, the startup closed a $3.4 million round led by Chicago Ventures.
