WEKA Announces Over $32M in Funding to Debut Entrance Into Storage Market

SAN JOSE, CA and TEL AVIV, ISRAEL, June 7, 2016

WekaIO™ (Weka), today announced the closing of Series B funding, with participation from Qualcomm Incorporated, through its venture investment group, Qualcomm Ventures, Gemini Israel Ventures, Norwest Venture Partners, WRV II, L.P. and several individual investors. This new investment round brings the total capital raised to over $32M to date. Until now, performance goals were achieved by running file based applications on a local file system, with shared access provided via NFS. The WekaIO POSIX compliant file system runs more efficiently than NFS and leverages an innovative, customized protocol to deliver file based semantics. As a result, Matrix exceeds NFS performance in a sharable file system solution through their revolutionary metadata handling.

The new funding will be used to accelerate WekaIO’s go-to-market strategy, with immediate plans to expand sales and marketing in the USA. The company will also apply the funds to continue building an exceptional engineering team in Tel Aviv, Israel and San Jose, USA.

"WekaIO’s differentiated solution will radically change the economics of high performance storage. This highly disruptive technology is the work of a world class team with a successful track record of building highly differentiated storage systems," said Lip-Bu Tan, Chairman of Walden International. "With a product portfolio that will address tens of billions of dollars in market opportunity, Weka.IO represents a strong investment for us."

"We invest in companies that are building highly disruptive technologies," said Quinn Li, vice president and head of Qualcomm Ventures. "The Weka.IO team has strong expertise in storage systems and we look forward to supporting them in their mission to re-define how storage is deployed."

"The infusion of capital enables Weka.IO to further innovate with differentiated products and bring to market the next generation releases of software to expand the use cases and addressable market," said Michael Raam, President and CEO of Weka.IO. "The funds will also be utilized to grow our customer support and business teams in multiple geographical locations."

The patent-pending WekaIO technology scales storage to hundreds of Petabytes, tens of millions of IOPs, with sub milliseconds latency at cloud economics. The revolutionary technology is enabling WekaIO customers to achieve higher levels of efficiencies at a TCO that has not been possible with legacy storage technologies.