Infinidat, the Waltham-based data storage startup founded by EMC veteran Moshe Yanai, has raised a $95 million Series C round led by a Goldman Sachs investment group.
The latest round, announced on Tuesday, brings the company's valuation to $1.6 billion, Infinidat said, up from $1.2 billion when it raised a $150 million round in 2015. Goldman Sachs Private Capital Investing, a group focused on growth and midmarket companies, led the round, with participation from existing investor TPG Growth.
The new funding comes as the company has been profitable with 13 consecutive quarters of revenue growth, with a 250 percent year-over-year increase in the second quarter.
"We have broken every record for growth of a data storage company in a few short years by focusing on fundamentals."
“We have broken every record for growth of a data storage company in a few short years by focusing on fundamentals: anticipating customers’ needs, ignoring hype cycles and fostering an inclusive culture of innovation and engineering excellence,” Yanai said in a statement.
The company, which has 500 employees worldwide, will use the funding to hire an additional 500 employees in engineering and sales in 2018, Infinidat CTO Brian Carmody told BostInno in an email. The funding will also be used to invest in research and development, launch sales teams in new geographies and expand marketing efforts, as well as scale its solution architecture and customer-facing teams.
"Finally, here in Waltham we are hiring a lot of amazing engineering talent that is leaving Dell EMC for one reason or another," Carmody added.
Inifinidat's flagship product is the InfiniBox storage system, which the company says has a larger storage capacity than competitors like Dell EMC and IBM, as well as a lower price per gigabyte. Carmody said the company now has several hundred enterprise customers, including Sprint, Raymond James and CenterState Bank.
