Pure Storage had plenty of reasons to smile this week when it closed what it called the largest-ever funding for an enterprise storage company. The company, founded in 2009, raised $150 million from high-powered investors including T. Rowe Price, Fidelity Investments and Tiger Global Management. According to President Dave Hatfield, the company now has a total value of more than $1 billion.
"For us, it's an opportunity to double down on R&D," he said. "We already have an 18-month to 24-month lead in technology. We also want to extend our market reach. We are currently in 10 markets outside North America, but there others we can reach."
Pure Storage also said former Data Domain CEO Frank Slootman has joined the company as both a board member and strategic adviser.