HPE Backs Hedvig
March 03, 2017
has closed a $21.5 million Series C funding round with new investments
from Singapore-based EDBI and Hewlett Packard Pathfinder, part of
Hewlett Packard Enterprise (HPE). The round also included expanded
investments from Atlantic Bridge Ventures, including its Oman Technology
Fund, and contributions from existing investors True Ventures and Vertex
Ventures. With a total of $52 million in financing to date, Hedvig will
use the latest round of funding to expand into new markets, develop
end-to-end cloud and backup solutions for large enterprises and grow its
world-class engineering, sales and channel teams. Additionally, to help
lead Hedvig's growth in the $7 billion software-defined storage (SDS)
market, the company announced in a separate release that technology
sales veteran Ediz Ertekin has joined the company's executive team as
SVP of Worldwide Sales and Field Operations.
"We've seen tremendous growth and traction from Hedvig since they
launched in 2015. Their ability to attract customers ranging from
blue-chip companies to large financial institutions like BNP Paribas is
a testament to the quality of the product and support Hedvig offers,"
said Brian Long, managing partner at Atlantic Bridge. "Hedvig's strong
vision for modern storage positions the company for clear leadership in
the software-defined storage market, especially as enterprise use of
public cloud continues to take hold."
New strategic investments from EDBI and Hewlett Packard Enterprise will
accelerate Hedvig's growth in key markets. With EDBI's support and
Singapore as a focal point, Hedvig will expand its development and
go-to-market resources across Asia Pacific. The region has shown a
significant increase in SDS demand, and is expected to grow at a CAGR of
32 percent through 2022.** HPE's strategic investment will assist Hedvig
in offering its leading-edge SDS solution to enterprises architecting
hybrid IT. Milan Shetti, CTO of the Data Center Infrastructure Group at
HPE, will serve as a technical advisor to Hedvig.
"As cloud adoption gains traction in Asia, companies seek new storage
solutions that could offer cloud-like agility, scalability and
cost-efficiency to better manage their voluminous data," said Ms. Swee
Yeok CHU, CEO and President of EDBI. "Hedvig's next-generation SDS
platform allows enterprises to leverage multiple cloud storage options
to perform computing tasks of varying complexity, hence providing the
flexibility to meet their increasingly sophisticated data needs.
Singapore's leading data hub position will be an ideal base for Hedvig
to target the Asian market with EDBI's support."
percent of businesses are forecasted to be digital businesses by
2020***. Many of these organizations are not only faced with the
overwhelming cost of migrating to the cloud, but also the complexity of
operating in the cloud. Hedvig eliminates storage bottlenecks associated
with deploying a cloud strategy. Its Universal Data Plane approach
enables businesses to simplify how they scale their virtual data center,
efficiently store their primary and secondary data, and begin the shift
of their data to the cloud.
"All sectors of enterprise IT are being hit by new demands from the
massive wave of emerging digital businesses. It's a wake-up call for the
storage industry and a signal that a flexible, simple software-defined
storage solution is needed for primary and secondary storage in the era
of cloud," said Avinash Lakshman, founder and CEO of Hedvig. "This
investment round is a testament to the hard work and dedication of the
Hedvig team. We'll build on our early customer success in key financial
services, service provider, manufacturing, energy and retail markets by
continuing to innovate in both cloud and backup capabilities. With this
latest investment, we are poised to grab the No. 1 spot in the
fragmented software-defined storage market."