Actifio, a developer of technology to help businesses manage all the copies of their data to improve backups, recovery and disaster recovery, on Monday said it received a new $100 million round of funding from several investment firms.
The new round of funding is slated to expand Actifio's go-to-market capabilities and to help find new ways to help customers efficiently manage their copy data, said Ash Ashutosh, CEO of the Waltham, Mass.-based company.
The new funding round gives Actifio a valuation of about $1 billion, but does not yet necessarily make it a candidate for IPO, Ashutosh said.
"We can expect one [IPO] sometime as some customers may start saying their purchasing and legal guys are having heartburn because they want Actifio to be more transparent," he said. "But $100 million? For most companies, that's already an IPO."
With the new round, Actifio has raised about $207 million.
Actifio develops software married to an industry-standard server that virtualizes copy data to make it available for backup, disaster recovery, test and development, analytics, and compliance use, Ashutosh said.
Customers use Actifio to decouple application data from their physical infrastructure by making a single copy available for multiple purposes, thereby driving down the amount of data stored and the cost of storing it, he said.
When Actifio is used, customers can get rid of their existing data protection applications, Ashutosh said.
"We do the backup," he said. "When we come in, Symantec is gone. CommVault is gone. Our appliance sucks the data constantly from SAP and other applications. If you want to recover data, just point your VM [virtual machine] at it and you can access it instantly. Now it's possible to throw out tape and replace the software that wrote backups as if they were to tape."
About 22 percent of Actifio's sales goes to customers who use it to replace EMC NetWorker and other EMC technologies, while 15 percent goes to replace Symantec, 12 percent to replace CommVault and the rest to replace smaller vendors, Ashutosh said.
"Any time someone needs a copy of the data, we say, 'Just Actifio it,'" he said.
Actifio is the fastest-growing part of the business of Solutions-II, a Littleton, Colo.-based solution provider and Actifio channel partner.
Actifio is less of a storage solution and more a data solution, said Todd Bowling, president of Solutions-II.
NEXT: Actifio Is Strong In The Channel