By now, many of you have seen or heard that we just closed an oversubscribed $75 million funding round. The new funding brings our total capital raised to $135 million and puts us on track for a future IPO.
This new round was led by Insight Venture Partners which was joined by our existing investors Lightspeed Venture, Menlo Ventures, NEA. To say we have a stellar group of investors that have backed impressive companies is an understatement. Among the companies they have invested are Box, Google, Salesforce.com, Tumblr, Twitter, VMware and many others that have changed how companies run their business and how we live. Jeff Horing, founder and managing director of Insight remarked, “We meet with thousands of companies each year, selecting a handful to invest in. Tintri stands out as a company that has turned a bold thought-leading vision into an exceptional market-leading product.”
What made Tintri stand out? Storage that sees, learns, and adapts. David Cheriton, one of Tintri earliest investors summarized it well, “Much has been said about how flash is the disruptive technology in the storage industry these days. Flash is great, but it’s only one of the ingredients to making storage more useful to end-users. Far more important is whether flash-powered storage has the intelligence to make applications run better. This is where the Tintri application-aware storage is in a league of its own.”
Being a category leader of “application-aware smart storage” for virtulization and cloud is not the only thing that defines Tintri. Many of you are probably already aware of our rapidly growing global enterprise customer base, close to half of which have revenues of $1 billion or more, 70% of who made repeat purchases averaging 2.5x of their initial order. Beyond the growth metrics, the enthusiasm expressed by Tintri customers is heartfelt. One investor remarked, “In many years of looking at companies for investments, we have never talked to customers who are more unequivocal and passionate about a product, let alone a non-consumer product.”
Being a rapidly growing company, it’s never easy to decide where to put the precious resources. From early on, we focused our energy on developing smart storage that truly transforms the way storage is done versus taking short cuts, while developing new markets with a deliberate approach. With the additional funding, we will be aggressively expanding our global presence, establishing operations in new countries, and adding new teams in existing markets. For those of you reading about Tintri for the first time, we would love to tell you more about what we can do for you. I think you'll find this report from Taneja Group of particular interest.
Unique control with VM-level actions for infrastructure functions including snapshots, replication and QoS make protection and performance certain in production, and accelerate test and development cycles.