Minio, a Palo Alto- and Bengaluru-based cloud storage start-up, has revealed that it has secured around ₹128 crore ($20 million) in a new funding round. The funding round was led by Dell Technologies Capital, General Catalyst Partners and Nexus Venture Partners.
Apart from them, Intel Capital, AME Cloud and California-based entrepreneur Steve Singh have also participated in this Series A round. Prior to this funding round, the company had raised $3.3 million in seed round from Nexus and General Catalyst.
The funding will be used by the cloud storage company to accelerate the commercial availability of the product, enhance the search capability and overall company growth.
Anand Babu Periasamy, CEO of Minio, said,
Primarily, from here on, the biggest investment is going to be on search engine. We store petabytes of data. It is a lot of unstructured data. When you see the data traffic around you from cellphone to internet to everywhere, data is moving towards media content and there is no good search to be made inside the data. The immediate priority is that we want to grow the commercial side of the business. So far, we have been holding up, but there is a lot of interest from the industry.
Gregg Adkin, Managing Director of Dell Technologies Capital, said,
We look forward to working with Minio not only from an investor perspective but also to help them utilise Dell Technologies’ ecosystem to deliver cloud storage solutions to customers around the globe.
Minio was founded in November 2014 by Anand Babu Periasamy, Garima Kapoor and Harshavardhana to address the demands of unstructured data growth.
It provides an open-source application that gives users the ability to store their data across a range of cloud storage solutions including Amazon S3. The company says that since its public rollout in January this year, Minio has been downloaded over 10 million times.