Nasuni Secures $15 Million in Series B Funding

Existing Investors Joined by Flybridge Capital Partners, Funding Now Totals $23 Million

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Dec 20, 2010, 08:30 ET

NATICK, Mass., Dec. 20, 2010 /PRNewswire/ -- Nasuni®, maker of the storage industry's leading cloud gateway, today announced that it has closed $15 million in Series B funding led by Flybridge Capital Partners with participation from existing investors, North Bridge Venture Partners and Sigma Partners, who led the company's Series A funding in March 2009. Investment in Nasuni now totals $23 million for the two rounds.

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Chip Hazard, a General Partner at Flybridge Capital Partners, has been named to the Nasuni Board of Directors. Jeffrey P. McCarthy, Partner at North Bridge, and Paul Flanagan, Managing Director with Sigma Partners, represent the current investors.

Nasuni develops the Nasuni Filer, a file server that leverages the unlimited capacity and reliability of the cloud to change the way companies store their files. The Nasuni Filer runs as a virtual appliance and can be downloaded for free. It delivers primary storage, which is indistinguishable from local storage, from an array of leading cloud storage providers. Now in its second generation, the Nasuni Filer eliminates lengthy file server migrations and the need for backups.

"We spent the last year building a loyal customer base and that proved invaluable during the fundraising," said Nasuni CEO Andres Rodriguez. "We are now working with partners to leverage our sales capability. The time for utility storage has arrived and Nasuni is rushing to help companies make the transition. Chip Hazard is the kind of visionary investor who believed in that vision a decade ago. We want to delight customers by continuing to deliver a great service that radically simplifies file management."

"Our charter is to partner with exceptional entrepreneurs to build world-class companies," said Chip Hazard. "Andres and his team have developed a differentiated business solution that creatively leverages server virtualization and cloud storage to transform the economics and utilization of NAS file servers and is well ahead of the competition. It is impressive what Nasuni has accomplished since its Series A funding and we look forward to working with them as they continue to aggressively expand their market and offering in the year ahead."

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About Flybridge Capital Partners

Flybridge Capital Partners is an early-stage venture capital firm whose mission is to assist entrepreneurs in growing innovative, global companies. With $560 million under management, the firm is focused on investing in consumer, energy, healthcare and information technology markets and is led by a team with domain expertise and more than half a century of combined experience in venture capital. (www.flybridge.com.)

About North Bridge Venture Partners

Established in 1994 and based in Waltham, Massachusetts, and San Mateo, California, North Bridge is an early-stage venture capital firm providing seed-to-growth financing and company-building expertise. Its investment sectors include communications, healthcare technologies, materials, digital media and software. Together with North Bridge Growth Equity, its mid-market focused growth capital fund, North Bridge manages approximately $3 billion. (www.northbridge.com/).

About Sigma Partners

A leader in the venture capital industry since its founding in 1984, Sigma Partners has more than $2 billion under management, invested in such sectors as communications, software, wireless, and green technologies. From its offices in Boston and Silicon Valley, Sigma seeks out and funds innovative technology startups across the United States. Sigma partners, all veteran entrepreneurs or executives themselves, back their entrepreneurs with the passion, scrappiness, and real-time problem-solving skills born of experience. (www.sigmapartners.com).

About Nasuni

Nasuni was founded in 2009 by storage veterans to deliver a secure gateway to cloud storage that makes the cloud feasible for business users. The Nasuni Filer is a virtual NAS file server that runs on VMware, Microsoft Hyper-V and Citrix XenServer and leverages the resources of the cloud to simplify file storage and protection. Targeting the mid-market, Nasuni's solution eliminates the need for incremental storage hardware and the resulting capital expense to manage unstructured file growth. The company is backed by North Bridge Venture Partners and Sigma Partners. To download the Nasuni Filer, or for more information, visit www.nasuni.com.

SOURCE Nasuni