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Avere closes USD17m funding round led by Tenaya Capital

Avere Systems, a provider of storage solutions for businesses, has received an additional USD17m in funding, bringing total investment in the company to USD32m.

Led by Tenaya Capital, the series B funding round also includes original investors Menlo Ventures and Norwest Venture Partners.

In the past few months, Avere has closed major deals with companies like Sony Pictures Imageworks and GX Technology.

Brian Paul, managing director of Tenaya Capital, joins the Avere Systems board.

Paul says: "Avere has proven to be a company that simply cannot be ignored. We have been watching Avere closely since they entered the market and we are very excited about their disruptive technology and the value they bring to customers. I look forward to joining the company’s board of directors and helping Avere to continue to deliver superior business results."

"While we were not actively looking for additional funding in the company, we jumped at the opportunity to bring on a partner like Tenaya Capital," says Ron Bianchini, co-founder and chief executive of Avere Systems. "We’re very pleased that we can continue to expand our efforts to introduce dynamic tiering to enterprise storage customers."

The Avere FXT Series contains both solid-state storage and traditional spinning media. Allocation algorithms running on the FXT appliances monitor access frequency patterns and workload type and manage data placement on multiple internal tiers to increase performance, distribute workload in the cluster and minimise requests to the mass storage server.

Tenaya Capital is a venture capital firm with offices in Menlo Park, California, and Boston, Massachusetts.

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