Enterprise storage startup PrimaryIO raises $5.6 mn in seed round

Silicon Valley- and Pune-based enterprise storage startup PrimaryIO, Inc. has raised $5.6 million (about Rs 36 crore) in seed funding from Accel Partners, Exfinity Venture Partners and Partech Ventures, it said in a statement on its website.

The startup will use the funds to "expedite its product development efforts".

"This investment will help... bring innovation to enterprise IT customers that are dealing with data centre capacity, cost and performance issues, enabling them to benefit from the public cloud solutions while retaining control and security of data,” the statement read.

Founded by Kumar Ganapathy and Vijay Karamcheti in 2014, PrimaryIO provides storage management software, mainly for cloud data centres.

Ganapathy and Karamcheti had co-founded another data storage startup, Virident, which they sold in 2013.

Ganapathy, PrimaryIO's chief executive, holds a PhD from University of Illinois at Urbana Champaign, an MS from University of Massachusetts at Amherst, and a B.Tech from Indian Institute of Technology Madras.

Chinnu Senthilkumar, partner at Exfinity Venture Partners, said, “As traditional enterprises and financial institutions look to embrace cloud computing, there is a need for a special framework for cloud transformation. PrimaryIO’s technology is designed to work with existing enterprises’ IT infrastructure without compromising performance, security and protocol."

In July, Bangalore- and US-based Minjar Cloud Solutions Pvt. Ltd, which operates a cloud computing platform, raised an undisclosed amount in a pre-Series A round led by Blume Ventures.

In January, cloud-based IT solutions provider SecurAX Tech Solutions (I) Pvt. Ltd secured an undisclosed amount from early-stage investor Axilor Ventures, Parampara Early Stage Opportunities Fund and a clutch of angel investors.

In December last year, Pi Datacenters Pvt. Ltd raised Rs 154 crore ($23 million then) from Epsilon Venture Partners and an Australian private equity group in Series A funding.

Another player in the field is Capillary Technologies, which provides cloud-based software solutions to retailers. In September last year, it secured $6 million from venture debt firm InnoVen Capital.

Capillary, which has raised over $80 million over the past few years, is also funded by Warburg Pincus, Sequoia Capital and Norwest Venture Partners. In October last year, it acquired e-commerce technology solutions and services provider Sellerworx Online Service Pvt. Ltd.

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