Today, Ocarina Networks announced that it closed a $20 million Series B funding round. This is obviously great news for the company, as well as a strong validation of what the Ocarina set out to accomplish. The funding round was led by Jafco Ventures, with significant participation from Series A investors Kleiner Perkins Caufield & Byers and Highland Capital Partners.
The Mercury News did a very nice piece on the funding today. As reporter Scott Harris put it:
“The incredible shrinking economy may not be creating much in the way of jobs, profits or consumer confidence, but it’s doing a bang-up job of producing data. The Information Age is nothing if not a volcanic profusion of digitized documents, photographs and video — not to mention the data emerging from the genomics industry and other deeply scientific pursuits.”
Ocarina has a solution for these rising storage demands. As VentureBeat wrote this morning, 90 percent compression is an attractive proposition these days, not only to manage costs, but also, as the article states, “for companies concerned with greening their business models, cutting down on storage requirements can help shrink energy footprints.”
This new round of venture funding, raised at a time when the economy is in dire straits, demonstrates the immense need that Ocarina fulfills in the marketplace.
