BlueArc, a network storage provider, has closed USD20m of funding led by Investor Growth Capital, the wholly owned venture capital arm of Stockholm-based Investor AB.
The round was also supported by 16 existing investors.
"After extensive research and diligence with BlueArc, their customers and industry experts, it’s clear that BlueArc has a significant growth opportunity and the demonstrated ability to grow faster than its market," says Jose Suarez (pictured), managing director at Investor Growth Capital. "BlueArc is helping customers solve critical storage and data management challenges with innovative solutions in an industry that continues to see explosive growth in the amount of data that must be managed. We believe that the company represents a tremendous investment opportunity for IGC."
"This round of funding enables us to take advantage of the increased storage market opportunity and accelerate the growth and momentum we’ve seen over the past year," adds Mike Gustafson, chief executive of BlueArc. "Since returning to growth a year ago, we’ve shown a tremendous increase in new customers, improved profitability outlook, and expanded product and solution offerings. This funding will help us to further ramp development and allow us to increase headcount and strategic investment in all areas, including engineering and customer facing sales and marketing."
BlueArc helps customers to solve their storage and data management-related business challenges.