Led · Equity · Dec 2019

Terradepth builds AUVs (autonomous underwater vehicles) and a cloud-based visualization platform called Absolute Ocean to create high-resolution maps of the seafloor. The company says its system can operate to depths of up to 6,000 meters and emphasizes onboard edge-processing and recharging capabilities for greater scalability. Terradepth positions its offering as a lower-cost alternative to existing methods and aims to monetize collected data as sharable, cloud-based content. The firm describes its mission as creating a “Google Earth for Oceans” to support governments, businesses, and research organizations. Terradepth is Austin-based and has previously raised an $8 million round in 2019. Its near-term product plans spotlight improving Absolute Ocean and AUV recharging to expand data collection and commercial use cases. Terradepth develops fully autonomous submersible vehicles — called Autonomous Hybrid Vehicles (AxV) — to collect deep-ocean data at scale. The company offers raw sensor outputs, its own machine-learning–powered analytics, or third-party cloud analytics. Its planned product capabilities include multispectral imaging, surveillance, and monitoring/forecasting for offshore equipment and resources. Vehicles alternate between deep passes and surfacing to communicate with surface robots that recharge and relay data via satellite. The startup is led by co-founders Joe Wolfel and Judson Kauffman and includes roboticists and engineers across software and hardware. Terradepth is based in Austin, Texas and recently raised new funding to advance development and deployment.

Participated · Series C · May 2019

Weka is a Campbell, CA-based AI-native data platform offering a cloud- and AI-native architecture deployable on-premises, in the cloud, and at the edge. Its platform transforms legacy data silos into dynamic data pipelines to accelerate GPU workloads, AI model training and inference, and other performance-intensive workloads. Weka's technology is designed to improve efficiency, reduce energy consumption, and lower associated carbon emissions. Over 300 of the world’s largest AI and GPU deployments run on the WEKA Data Platform. The company intends to use the new funding to increase cash reserves, scale rapidly to meet global demand for AI-native data infrastructure, and expand investments in developing its data platform software. The financing will also provide liquidity to Weka employees. Weka is a software-based data management provider whose WEKA Data Platform is purpose-built for the cloud and AI era. The platform is cloud-native and optimized to handle complex data challenges, delivering performance improvements on-premises, in the cloud, at the edge, and in hybrid and multicloud environments. Weka emphasizes sustainability and seamless data portability as part of its offering. The company operates in over 20 countries and is led by CEO Liran Zvibel. Weka plans to expand platform features and cloud integrations and to support new use cases while accelerating delivery of solutions to customers. The company intends to use recent funding to drive product development, global expansion, and to scale cloud, customer success, sales, marketing, operations, and human resources teams, and to reach profitability. WEKA (WekaIO) offers a unified, software-defined distributed file/object data platform optimized for NVMe-flash and the hybrid cloud to support AI/ML, life sciences research and high-performance computing. Its solutions target GPU-accelerated, data-intensive workloads and are deployed by eight of the Fortune 50. The company reported strong FY21 traction with greater than 2x ARR growth, over 125% growth in new customers, and deployments in 18 new countries, and was recognized by Gartner as a Magic Quadrant Visionary. Momentum continued into 1QFY22, when WEKA said it achieved its 1QFY22 revenue target in the first 14 days of the quarter. WEKA said it will use the new proceeds to accelerate go-to-market activities, operations, and engineering and to improve integration with its ecosystem. WekaIO’s flagship product, WekaIO Matrix, is an NVMe-optimized, POSIX-compliant parallel file system that targets AI, machine learning, high-velocity analytics and HPC workloads. Matrix supports multiprotocol access (NFS, SMB), integrates object storage for economics at scale, and offers features such as snapshots, cloud backup and disaster recovery. The software can be delivered on pre-engineered solutions with HPE, Supermicro and Western Digital, installed on industry-standard Intel x86 servers, or used on the AWS Cloud; the company sells via a capacity-based pricing model. WekaIO highlights industry benchmark performance (SPEC SFS 2014 and VI4IO rankings) and says Matrix delivers very low latency and high throughput for GPU- and I/O‑heavy workloads. The company cites awards and industry recognition and says customers have validated the product in production environments. WekaIO plans to use new capital to accelerate its market trajectory, expand internationally, and increase investments in engineering, sales and marketing. Weka.IO develops software-defined storage (SDS) technology that simplifies deployment of enterprise and cloud storage. Its patent-pending technology is designed to scale storage to hundreds of petabytes, deliver tens of millions of IOPs and achieve sub-millisecond latency at cloud economics. The company positions its product to replace legacy storage systems and address a large addressable market. Weka.IO plans to use new funding to accelerate its go-to-market strategy and expand sales and marketing in the U.S. It also intends to continue building engineering teams in Tel Aviv and San Jose and to grow customer support and business teams across multiple geographies. The company was founded in 2013.

Participated · Series C · Mar 2017

Reduxio Systems is a San Francisco-based provider of storage and data management solutions for the enterprise. It offers an operating system called Reduxio TimeOS™ that places data in the middle of its architecture and enables complete virtualization of all types of storage. The company is led by co-founder and CEO Mark Weiner. In March 2017 Reduxio secured $22.5M in Series C funding in a round with a total target of up to $32M. Reduxio said it will use the funds for continued innovation and global marketing efforts. In conjunction with the financing, Marcos Battisti of C5 Capital joined Reduxio’s board. Reduxio Systems is a Petach Tikvah, Israel-based hybrid storage provider. Led by Chief Executive Officer Mark Weiner, the company builds enterprise hybrid storage arrays specifically designed for today’s environments, focusing on cloud, virtualization and structured data sets. Reduxio closed a $15M Series B funding round on June 10, 2014. The round was led by Seagate Technology, with participation from existing investors Jerusalem Venture Partners, Carmel Ventures and Intel Capital. In conjunction with the investment, Seagate will obtain a seat on Reduxio’s Board of Directors. The company intends to use the funds to accelerate product development and support its commercialization plan. Reduxio Systems is a Tel Aviv, Israel–based company that builds scale-out hybrid storage arrays. Founded in 2012 by storage veterans Mark Weiner (CEO), Nir Peleg and Amnon Strasser, it targets cloud and corporate cloud environments. Its products are designed for virtualized, application-dependent storage needs. The company focuses on hybrid arrays that combine different storage tiers to serve modern virtualized infrastructures. Financially, Reduxio completed a $9M Series A funding round in 2013. The round was led by venture investors JVP and Carmel Ventures. No operating metrics were disclosed in the article.

Participated · Series B · Sep 2016

Ripple offers blockchain-based enterprise solutions spanning global payments, custody, liquidity, and treasury management. It operates a multi-asset prime brokerage platform called Ripple Prime that provides financing and other services to institutional clients in traditional and digital markets. Founded in 2012 and based in San Francisco, Ripple positions itself as a one-stop shop for moving, storing, exchanging, and managing value. The company has secured a $200M debt facility from funds managed by Neuberger Specialty Finance to support growth of Ripple Prime and extend client financing. The financing is intended to increase Ripple's capacity and enhance its ability to serve new and existing institutional relationships. The deal reflects Ripple's focus on expanding institutional-facing products and access to capital.

Participated · Series D · Dec 2013

Egnyte provides cloud-based content intelligence, governance, and collaboration tools via a unified intelligent content platform that integrates AI, file storage, content sharing, and data security. Launched in 2008, the company supports both cloud and on-premises IT operations and serves over 22,000 enterprise customers globally. Egnyte focuses on innovation through continued investment in research and development to enhance employee productivity, automate business processes, and strengthen data safeguards. The company plans to expand its global market presence and enter additional vertical industries and international markets. Founders, management, and existing investors—including funds and accounts managed by Springcoast, GV, Polaris, and Kleiner Perkins—will retain significant ownership following the new investment. Financial terms of the transaction were not disclosed. Egnyte, founded in 2007, builds a hybrid cloud and on-premises file storage and sharing platform that includes security and governance components. CEO Vineet Jain expanded the product from basic file sharing into a broader platform emphasizing post-sales experience and enterprise controls. The company serves more than 14,000 customers and employs about 450 people. Egnyte has recorded more than eight straight quarters of growth, has been cash-flow positive since Q4 2016, and grew sixfold since its 2013 financing. Management says the new capital will be used to scale engineering, post-sales, customer success and other departments rather than solely increasing sales and marketing. Leadership views this round as the final private raise before an eventual IPO. Egnyte offers a hybrid file-storage platform that fuses local and cloud storage to target enterprises concerned about placing sensitive data on public clouds. The company plans to use new capital for international expansion and marketing and is expected to consider vertical expansion and building editing tools on top of its storage technology. Egnyte reported current revenue between $25 million and $40 million and said it expects to be cash-flow break even by the fourth quarter of 2014. It currently runs gross margins of roughly 60% and aims to boost that to about 75%. Management expects $95 million to $105 million in GAAP revenue in 2015 and said revenue has doubled year‑over‑year for the past two years with a forecast to more than double revenue ending 2013. Egnyte competes with Box and Dropbox and faces incumbents and platform providers such as Google, Microsoft and Amazon. Egnyte offers a cloud file storage solution that stores documents in a cloud environment while presenting files on users' desktops via shared and private folders. Its service integrates with Google Apps and Google Drive and allows documents to be edited and synchronized between local and cloud drives. Egnyte emphasizes accessibility combined with IT-set policies so administrators can control how the service is used and grant access to users both inside and outside an organization. The company is banking on the popularity of the hybrid cloud for long-term growth, enabling enterprises to keep needed servers while extending to cloud services. CEO Vineet Jain said the enterprise market opening traces back to services such as Dropbox, which raised awareness of how storage can be used. Egnyte competes in a crowded market against Box, Mozy, Syncplicity, SugarSync, and Nasuni, where funding is deep—Box raised $81 million last fall. Egnyte provides file storage and synchronization using a hybrid cloud model in which businesses keep a Network-Attached Storage "local cloud" linked to office computers while the NAS is also synced with Egnyte's servers for remote access. Local Clouds can be Netgear Ready NAS devices or VMware-based virtual appliances, and synced files are accessible from Macs, Windows, and mobile phones. Company admins can enable file sharing and grant restricted access to partners, while the cloud portion serves as remote backup. Egnyte has seen rapid growth, quadrupling its customer base in 2010 and syncing more than 5 billion files across over 500,000 user licenses. The service handles heavy usage—about 2 million file operations in a 24-hour window, averaging more than 3,000 file uploads and downloads per minute. Egnyte faces competition from SugarSync, Box.net, and Dropbox and plans to expand into international markets, increase domestic engineering, sales and marketing, and launch an enterprise application for the next iPad.