GreenBytes, a unique data storage appliance company, has just received an $8 million Series A round of investment financing. Battery Ventures completed the deal, which provides fresh resources for the Rhode Island-based energy-efficient technology company.
Founded in 2007, GreenBytes offers network attached storage (NAS) and storage area network (SAN) solutions that reduce energy consumption, providing a cost savings opportunity while also addressing corporate social responsibility considerations.
Sunil Dhaliwal, general parter, Battery Ventures, observes, "Data is growing exponentially and choking data center floors and IT budgets alike." He continues, "Customers will simply not stay afloat amid the rising tide of digital data unless they radically reshape the traditional equation that governs the cost, performance, power consumption and management of their storage." Newly appointed to the GreenBytes board of directors, Dhaliwal cites the need for capacity-optimized storage technology in the fastest growing sector of a $20 billion market for storage network solutions.
Bob Petrocelli, CEO of GreenBytes, says, "We've hit an exciting set of milestones today with the announcement of Battery Ventures' investment, and the introduction of our latest product line, the result of years of intensive R&D and work with customers."
Green technology continues to be a priority for the venture capital community this year, with $573 million invested in clean technology solutions in the second quarter of 2009. The application of energy-efficient technology to data centers offers the cost control opportunity that will stimulate interest in clean solutions.