AUSTIN, Texas--(EON: Enhanced Online News)--Pivot3, a leading supplier of video surveillance and virtual desktop (VDI) converged infrastructure storage appliances, announced today that it has closed a significant financing round of more than $14 million in new investment and working capital to fund the company’s growth and its drive to sustained profitability in 2014. The round consists of additional equity funding as well as other financial support from investors and key business partners. The equity funding was led by InterWest Partners and Mesirow Financial Capital Partners, and included additional funding from Focus Ventures, Lightspeed Partners, Silver Creek Ventures, Northleaf Ventures and Wilson Sonsini. Comerica Bank also provided important financial support.
“This latest round of financial backing puts Pivot3 in a stronger position to actively pursue opportunities in our target markets that support long-term revenue and earnings growth.”
Founded in 2003, Pivot3 pioneered the development of purpose-built virtualized storage appliances for the surveillance market. Since that time, the company has continued to strengthen its surveillance product line, most recently with the addition of the Pivot3 vSTAC® Edge appliance for distributed environments. The company partners with Dell OEM Solutions for manufacturing, global service and support to bring its product to market. Pivot3 also leverages its own core technology platform to develop converged storage and compute hardware appliances that deliver simplicity, scalability and savings to virtual desktop environments. Today, Pivot3 accounts for more than 600 customers in industries ranging from corrections and education to government, healthcare and retail.
“This financing is a testament to the innovation and great momentum we have established for our storage platforms in both surveillance and VDI,” said Bill Galloway, Chief Executive Officer, Pivot3. “This latest round of financial backing puts Pivot3 in a stronger position to actively pursue opportunities in our target markets that support long-term revenue and earnings growth.”
The company recently closed a record second quarter, which included a $2.7-million video surveillance storage deal in Central America. Pivot3 also experienced large wins in the transportation, government and municipal environments. These markets, in particular, have seen an influx in the deployment of video surveillance cameras due to heightened security needs. In addition, the company has recently experienced a quarter on quarter doubling of growth in the virtual desktop market with notable wins in healthcare, education and the public sector. Earlier this year, Pivot3 launched its Professional Services programs, and services revenues have seen steady growth.
The Pivot3 vSTAC family of appliances delivers seamlessly converged, highly available shared storage and virtual server appliances that are designed for modern virtual server and data workloads. Pivot3 vSTAC appliances run on enterprise class Dell hardware that eliminates many of the complexities, constraints and high costs associated with legacy shared storage and converged computing alternatives. Customers across the globe rely on Pivot3 for simplicity, scalability and savings.
Pivot3 was founded in 2003 on the idea that today's stack of virtual servers, shared storage and networks could be converged to drive down complexity and cost while dramatically increasing scale-out performance. Today, Pivot3 has over 600 customers across the globe deploying Pivot3 vSTAC® converged storage and compute appliances. Pivot3 products are deployed in the video surveillance and virtual desktop markets, and have seen particular success in the public sector, transportation, gaming, education and retail vertical segments. The company has won numerous awards and was most recently selected by Forbes Magazine in 2013 as “One of America’s Most Promising Companies”, and by CRN in their top 100 Virtualization list for 2012. To learn more about Pivot3, visit www.pivot3.com.