[Breaking] Singapore's Gridblaze acquired by undisclosed San Francisco startup in tech transfer, cashes out in the millions
Singapore-based Gridblaze has just been acquired by a San Franscisco-based startup.By Jacky Yap 19 Feb, 2013
Perhaps you can remember Gridblaze: we covered them back in September last year. The Founders Institute Singapore graduate is a Storage-as-a-Service solution to enable developers and companies localize their data, ensuring faster access for users.
Founded by Mikhail Choo, Gridblaze has just inked a technology transfer deal with a San Francisco based startup to use their storage technology exclusively. While the deal is undisclosed, Mikhail shared with us that the deal is for a good seven figure sum in cash, and the Gridblaze team will be joining the “100+ person venture backed startup” for a period of six months during the technology transfer and implementation stage.
“I can’t say who the purchaser is due to terms of the deal but it’s a popular service in the consumer internet space looking to use our Proximity based storage system to supercharge the upload of images and improve user friendliness of their service. It is a bitter sweet event as it’s a good stage for us to be acquired for a 7 figure sum. However, it means that we cannot service developers and the smaller customers like we initially planned to do as this is an exclusive technology transfer. What pushed us to agree to the deal was the fact that we loved the acquiring company and my personal desire to explore new and interesting projects makes this a good exit.” – Mikhail Choo
Since the inception for the product’s beta version in July 2012, Gridblaze have had over 1200 customers spanning over 25 countries and over one petabyte of data stored on the network. Gridblaze has been fully boot strapped since launch.
The team at e27 would like to congratulate Mikhail and his whole team.