Copy data management vendor Actifio closed a $100 million funding round today. The round is likely the last funding it will need, and brings its total funding to $207 million and its valuation to more than $1 billion.
Andrew Gilman, Actifio’s director of global marketing, said the vendor will follow with a product launch soon moving its software down into the mid-market. Actifio has focused on large enterprises and cloud providers, with an average selling price of $349,000.
The Actifio software creates virtual copies of data so it can be placed in any location and used for multiple purposes. The first use case to gain traction was backup but it has other use cases for companies looking to reduce the copies of data they store.
Gilman said most (51%) of Actifio’s customers use its product for data protection, with 22% using it for resiliency (business continuity/disaster recovery), another 22% percent for test/development and the rest for analytics. He said 22% of the customers displace EMC, 15% displace Symantec, 13% displace CommVault and the rest displace other vendors’ products.
Actifio claims the funding comes after a big 2013 year in which its bookings grew 182% over 2012. The vendor claims more than 300 enterprise users worldwide, and more than 25 cloud providers including IBM’s SmartCloud Data Virtualization and SunGard’s Recover2Cloud DR services. Actifio has customers in 31 countries.
Gilman said Actifio has about 260 employees and intends to grow significantly with the funding. He said an initial public offering (IPO) is planned but Actifio is in no hurry because “we’re very methodical in everything we do.”
“We want to continue to build out our platform and take the product into new areas,” he said. “We will use this to go down into the mid-market and invest in end-user success.”
Along with new product releases, Actifio will invest in what it is calling a Customer Success Engineering group led by David Chang, current VP of products and a founder of the company along with CEO Ash Ashutosh. “It’s important that each of our users is delighted,” Gilman said. “We take this seriously as data custodians.”
New investor Tiger Global Management led the round with previous investors North Bridge, Greylock IL, Advanced Technology Ventures, Andreessen Horowitz, and Technology Crossover Ventures participating.