Igneous Raises $25M to Support On-Premise Approach to Data Storage
Igneous, a Seattle-based data-storage startup that manages servers and other on-premise computing equipment for its customers, announced on Friday $25 million in new financing.
WestRiver Group, an investment firm collaborative based in Kirkland, WA, led the Series C funding round, Igneous said. Other participants included return backers Madrona Venture Group, New Enterprise Associates, Redpoint Ventures, and Vulcan Capital.
Igneous said it plans to use some of the proceeds from the round for product development and to make “go-to-market investments.”
The company was formed in 2013, and raised $23.6 million in funding the following year.
In a news release, Igneous says it can help customers “remove the complexity and costs of managing their unstructured data.” One client the company has named publicly is Paige, a New York-based startup developing algorithms to diagnose different forms of cancer
With Igneous’ approach to data management, the company owns and remotely manages the servers storing customer information in exchange for regular subscription fees they pay Igneous. The services it provides include indexing, analyzing, and backing up customer data, Igneous says on its website.
The company installs its servers at customers’ IT sites, behind their security firewalls. For clients, the advantages of the on-premise model can include faster processing and data-transfer speeds, Igneous has said.
Igneous co-founders Kiran Bhageshpur and Jeff Hughes are both former employees of Isilon Systems, which computing giant EMC acquired in 2010 for $2.25 billion. Another data storage startup based in Seattle, Qumulo, was also launched by ex-Isilon staffers.
Igneous said in November that customers and partners can configure the startup’s products to integrate with three of the world’s largest public cloud storage services: Amazon (NASDAQ: AMZN) Web Services, Microsoft (NASDAQ: MSFT) Azure, and Alphabet’s (NASDAQ: GOOGL) Google Cloud Platform.