Battery Ventures Leads $14 Million in Series B Investment Round for Israel-Based XtremIO

Based in Tel-Aviv, Israel, XtremIO, which is a developer of storage systems for the next generation has announced on June 6, 2011, that it has closed a $14 million series B funding round led by Battery Ventures. Other investors who took part in this funding round include Giza Venture Partners and Jerusalem Venture Partners.

XtremIO is a company which is dedicated to developing different storage solutions for the next generation and to meet the demands of today’s computing needs. So far, the company has developed sophisticated storage technology for cloud computing systems and develops systems that can meet the often unmet needs for today’s computing needs.

Proceeds from this funding round will go to engineering and developing even more sophisticated storage systems for the computers and computing systems of tomorrow.

What makes XtremIO so attractive to investors is that there are many issues that IT providers face and the company seems to be able to meet the exceeding demands that IT providers are facing. One of the major demands and challenges that IT providers and technicians face are storage and I/O issues. In many networks these two are a major bottleneck where data can get jammed. The fact is that more people are transferring electronic data with much higher bandwidth than most IT systems are designed to handle.

According to the CEO of XtremIO, Ehud Rokach, it’s an honor to have such a prominent investor in the tech industry such as Battery Ventures investing in the company. Mr. Rochak further added that the resources that the executive team can use to excel its business in providing the best storage and I/O solutions available to customers.

As part of the agreement of the funding round, Mr. Itzak Pamafes, Partner at Battery Ventures, will join XtremIO’s board of directors. Mr. Pamafes had this to say about the company. Since Battery Ventures was founded, we have been dedicated to funding those entrepreneurs who are dedicated to meet the needs and develop new innovative technologies to improve IT services of the next generation. Mr. Pamafes further added that XtremIO has many of the things that the team of investors is looking for in a company to invest in. He further added that the entrepreneurship that the executive team of XtremIO shows is exactly what Battery is looking for when investing in companies. Furthermore, the the technology that XtremIO has to offer is truly innovative and is destined to disrupt the entire IT industry.

Battery Ventures is a VC firm that is truly dedicated to the IT and tech industries. With offices in both North America and Israel, the firm primarily invests in companies which provide game changing technologies that have the potential of disrupting the markets. Some other companies in Battery’s portfolio include Infoseek, BlueStem, SkullCandy, InfoBridge Technologies, and others.

Giza Venture Partners is a prominent Israeli venture capital firm and it primarily invests in the communication industry. Besides the communications industry, Giza also invests in the life sciences, electronics, semiconductor, clean tech, and media industries. Other companies in Giza’s portfolio include Butterfly (acquired by TI), Envara (acquired by Intel), CellGuide, Lucid Technologies, and others.