Scality lands $60m for cloud-based storage tools

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fintech insurtech wealthtech regtech ai cybertech esg news

Scality, a company looking to make data easy to protect, search and manage anytime, has closed an additional $60m round of funding.

The round includes new investors Harbert European Growth Capital, all of its existing investors, and Scality staff. It brings the company’s total funding to date to $152m, with previous investment coming from the likes of Menlo Ventures, Iris Capital, Idinvest partners, Galileo Partners, Omnes Capital, and STC Ventures, among others.

It sells software to manage and protect data for companies using one or more cloud systems. With more than 200 large enterprise customers, it plans to use the new money to invest in product development and marketing and to expand its staff.

Jerome Lecat, CEO of Scality, said: “We are very proud that our customers are delighted by the reliability, performance and cost-effectiveness of our solutions, and at the same time, they praise us for our forward thinking. The Fourth Industrial Revolution is a real force, challenging every company in its business model, and challenging every IT department.

“Technology is not the goal; innovation is what allows us to deliver what seemed impossible: freedom and control at the same time. Thanks to Scality, enterprises and service providers can avoid hardware lock-in and cloud lock-in; while accommodating massive amounts of data growth and extract value from data.”

The company provides its services to enterprise IT, service providers, backup storage, media & entertainment, medical imaging, public sector and financial services.

With flexible storage critical to launching digital services in a hyper-competitive financial market, the Scality RING enables users to scale data resources with ‘great dexterity—securely, cost efficiently’. It provides storage capabilities needed to support private storage clouds, compliance archives, and web-scale applications.

The Scality RING offers application developers an AWS S3-compatible interface they can program to. With the RING, infrastructure teams can connect these custom applications, as well as a wide range of S3-compatible packaged applications, into 100% reliable, petabyte-scale, on-premises storage. It provides storage consolidation, data protection, complete choice of x86 hardware, and very low management overhead, which it claims helps financial services teams realize a 50-90% lower TCO compared to legacy NAS and public cloud.

Copyright © 2018 RegTech Analyst

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