Data platform startup Lightbits Labs Ltd., which builds software-powered NVMe/TCP-accessed storage servers, has raised $42 million in fresh funding, taking its total funding to $105.3 million. Atreides Management led the growth capital round, which also saw participation from JP Morgan, Valor Equity Partners, OG Tech, Richard Li, existing investors and others.
Lightbits Lab, which offers high-performance block storage, was launched in April this year on VMware Marketplace. The startup was founded in 2015 by a group of seven co-founders. The new fund will fund general business expansion and product development.
Gavin Baker, Manager Partner and Chief Investment Officer of Atreides Management, said, “Lightbits has established itself as a clear leader in disaggregated storage solutions – poised to meet accelerated customer demand with its cloud-native data platform.”
Lightbits raised $42 Million in growth capital. The new investment validates Lightbits as the leading platform in software-defined storage to power the cloud-native data center evolution. Read the full story: https://t.co/VLnNUMjvpj.#softwaredefinedstorage #cloudnative #data pic.twitter.com/unOn01PFL3
— Lightbits Labs (@LightbitsLabs) June 28, 2022
Lightbits provides a unified, consistent, high-performance data platform for any cloud that delivers efficiency, simplicity, and agility for container-based applications in a Kubernetes environment and virtualized applications.
Lightbits provide efficiency and flexibility of disaggregation at a performance similar to local flash. A single Lightbits cluster can deliver over 40M IOPS (random Read) and 10PB user capacity, with less than 200μs latency. Organizations previously utilizing iSCSI can instead use NVMe/TCP on the same network infrastructure and realize much higher performance.
“There is tremendous pressure on CSPs and IT organizations with private clouds to profitably keep pace with growing business demand while providing fast, resilient, secure services. Lightbits invented NVMe/TCP and has led the way in defining a cloud-native storage architecture that is simple, agile and efficient,” said Avigdor Willenz, co-founder and chairman of Lightbits Labs.
Lightbits says it has seen strong growth, with its service used by Fortune 1000 organizations. They include several of the world’s largest financial services companies, e-commerce providers and communication service providers in response to demand for fast, resilient and secure cloud services that maximize profitability and improve margins.