Scality raises $45m from Idinvest et al., targets IPO for 2017

Deploying equity alongside Idinvest, Omnes and Iris were VCs Galileo Partners, Menlo Ventures and BPI France's Digital Ambition Fund – all existing backers for Scality.

During the current series-D, the group was joined by 65% of Scality employees and listed corporate Broadband Tower.

The entering investor struck a partnership with Scality in March whereby the latter will set up a cloud storage unit in Japan, complete with sales, system engineering and marketing teams. The announcement followed the creation of subsidiary Scality KK to strengthen its presence in Japan.

The fresh funds will assist Scality as it targets continued international expansion. There are specific plans to boost sales in North America after a research and development centre was set up in Boston earlier in the year.

Having received $80m in funding since inception, the storage software specialist claims it has witnessed a 400% uptick in revenues since its series-C in July 2013.

In the space of those two years, workforce has jumped from 42 to 160 people and agreements have been sealed with HP and Dell, among others.

Scality, which is eyeing further hires in the coming months, announced it is targeting a public listing for 2017. The company foresees continued growth until that date citing predictions that the $21.6bn object-based storage sector will expand by 21.5% every year.

Previous funding
According to unquote" data, Scality's first round of institutional funding took place in 2010, one year after being founded. Its series-A featured $5m from Crédit Agricole Private Equity, Galiléo and business angels along with some of the management and employees.

This was followed by a $7m series-B in March 2011 led by new backer Idinvest, investing alongside Crédit Agricole and Galileo.

In July 2013, the group joined forces with entering investors Menlo, Iris and FSN PME during a $22m series-C for the software developer.

Company
Scality was founded in 2009 as a spinout of Bizanga. The business develops object-based storage software, which is then resold by sector names such as HP, Dell and Cisco to around 500 million end users.

With headquarters in Paris, the business is present across all continents and operates additional offices in the US, Singapore and Japan. Employing 160 professionals, Scality recently reported a 400% jump in its turnover since July 2013.

People
Idinvest's work on the deal was coordinated by partner Matthieu Baret, while Iris partner Guillaume Meulle and Omnes partner Renaud Poulard also worked on the deal.

François Duliège is partner at Galileo, Douglas C Carlisle is managing director at Menlo and Frédéric le Brun is senior investment director at BPI France. Jerome Lecat is CEO at Scality; the same position is held by Hiroshi Fujiwara at BroadBand Tower.

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• Topics
• France
• Expansion
• Technology
• France
• IDInvest Partners (AGF Private Equity)
• Omnes Capital
• Iris Capital
• BPI France