Tintri, which specializes in the development of virtual machine-aware storage solutions featuring both flash and hard disk capacity, said Wednesday that it has received $125 million in new venture funding to help with the evangelization of its technology.
Tintri's new Series F round of funding brings total funding in the Mountain View, Calif.-based hybrid storage array vendor to $260 million and pushes its valuation to $1 billion, said John Schwan, the company's vice president of Americas channels.
Schwan declined to use the term "unicorn," which refers to startups whose valuation exceed $1 billion.
"We're not a unicorn," he told CRN. "We're using the funding to get ready for an IPO. We've begun the process already."
Schwan said Tintri, which is in its second fiscal quarter of 2016, expects to be cash-flow positive sometime in it fiscal year 2017, and has a goal of completing its IPO in the next 12 to 18 months.
"We expect this to be our last funding round," he said. "This round will allow Tintri to grow, scale and invest in the future."
Tintri's virtual machine-aware technology looks at data from a virtual machine-centric point of view instead of at LUNs and volumes. This lets administrators manage the VMs rather than the details of the storage. Each VM can be assigned its own quality of service with different performance characteristics, while all the VMs run on a single storage system.
That VM-centric view is unique to Tintri, said Aaron Cardenas, CEO and founder of P1 Technologies, a Hermosa Beach, Calif.-based solution provider and longtime Tintri channel partner.
"Tintri has clearly built a product aimed at virtualization from the ground up," Cardenas told CRN. "The company is not just tweaking existing products."
P1 Technologies has sold Tintri solutions to four of the largest Los Angeles-area media and entertainment companies, as well as to a number of other enterprises, Cardenas said.