Hedvig, a startup that collapses traditional tiers of data storage into a single, software platform, has secured US$$21.5 million in Series C funding, co-led by Singapore-based EDBI and Hewlett Packard Pathfinder, the VC arm of global technology honcho HP.
Atlantic Bridge Ventures and its unit Oman Technology Fund, along with other existing investors True Ventures and Vertex Ventures, have also joined this round.
California-headquartered Hedvig will also use the proceeds to expand to new markets including Asia Pacific, develop cloud and backup solutions for large enterprises, and grow its engineering, sales and channel teams.
With this deal, Hedvig’s total investment raised to date has touched US$52 million.
Separately, the company has announced the appointment of Ediz Ertekin as SVP for Worldwide Sales and Field Operations.
The APAC region has shown a significant increase in software-defined storage (SDS) demand, and is expected to grow at a CAGR of 32 per cent through 2022. HP’s strategic investment will assist Hedvig in offering its SDS solution to enterprises architecting hybrid IT. “As cloud adoption gains traction in Asia, companies seek new storage solutions that could offer cloud-like agility, scalability and cost-efficiency to better manage their voluminous data,” said Swee Yeok CHU, CEO and President of EDBI.
“Hedvig’s next-generation SDS platform allows enterprises to leverage multiple cloud storage options to perform computing tasks of varying complexity, hence providing the flexibility to meet their increasingly sophisticated data needs. Singapore’s leading data hub position will be an ideal base for Hedvig to target the Asian market with EDBI’s support,” CHU added.
Seventy-five percent of businesses are forecast to be digital businesses by 2020. Many of these organisations are not only faced with the overwhelming cost of migrating to the cloud, but also the complexity of operating in the cloud. Hedvig claims it eliminates storage bottlenecks associated with deploying a cloud strategy.
Its Universal Data Plane approach enables businesses to simplify how they scale their virtual data centre, efficiently store their primary and secondary data, and begin the shift of their data to the cloud.
“All sectors of enterprise IT are being hit by new demands from the massive wave of emerging digital businesses. It’s a wake-up call for the storage industry and a signal that a flexible, simple SDS solution is needed for primary and secondary storage in the era of cloud,” said Avinash Lakshman, Founder and CEO of Hedvig.
Founded in 2012, Hedvig provides SDS for enterprises building private, hybrid, or multi-cloud environments. The Hedvig Distributed Storage Platform is designed for both primary and secondary data, making it ideal for legacy, modern, and backup workloads. The platform transforms industry standard x86 or ARM servers into a storage cluster that scales from a few nodes to thousands of nodes. Its Universal Data Plane architecture stores, protects, and replicates data across any number of private and public cloud data centres.
The startup’s clients include BNP Paribas, DGC, LKAB, and Mazzetti.