WhipTail Technologies, a company that makes solid-state storage arrays, has raised an undisclosed amount of Series A venture investment from Spring Mountain Capital, a New York-based investment firm.
WHIPPANY, NJ, Spring Mountain Capital, LP (SMC), a New York-based investment management firm that focuses on alternative asset investing announced that it led the Series A Preferred Stock financing for WhipTail Technologies, Inc., an independent manufacturer of solid state-storage arrays designed to improve the scalability and performance of applications, such as virtualization, databases and email. New York-based venture capital firm RRE Ventures also participated in the round.
SMC made the commitment principally through its SMC Select Co-Investment Fund I. Financing terms were not disclosed. With the investment, Spring Mountain Capital and its affiliates have become a majority investor in WhipTail. In conjunction with the financing, SMC Managing Directors Raymond Wong, Avi Faliks and Jamie Weston have joined the company's Board of Directors.
WhipTail will use the financing to accelerate the expansion of the Company's sales and marketing efforts as well as support additional product development. Sales efforts are being ramped up in the U.S. and Europe through the hiring of sales teams, the development of key strategic partnerships, enhancement of the Company's reseller channels and provisioning of key marketing support to that channel. For the remainder of the year, research and development projects will focus on several revolutionary product enhancements.
"We believe that WhipTail has set the stage for the accelerated adoption of solid-state storage arrays by offering enterprises the first cost-effective multi-level cell (MLC) NAND flash based storage array to be accepted by the marketplace," said Raymond Wong, Managing Director and Head of Private Equity investing for SMC. "As such, this opportunity fits perfectly into our strategy of investing in unique, smaller cap businesses," Wong said.
"Our success to date, and the rate at which we are adding new customers, validates our unique approach to solid state storage technology. Spring Mountain's partnership and investing style has helped us tremendously, as we pioneer new ways to make extremely high speed data storage available to more commercial enterprises around the world," said Dan Crain, CEO of WhipTail.
ABOUT SPRING MOUNTAIN CAPITAL
Founded in 2001 and located in New York, New York, Spring Mountain Capital, LP (SMC) is a private investment management firm that focuses on alternative asset investing and offers investors a wide range of strategies designed to produce attractive risk adjusted returns. SMC has a dynamic and opportunistic mindset with a client oriented focus that drives it toward providing investors with intelligent and sophisticated investment opportunities. Based on its extensive network of personal and professional relationships, SMC is constantly searching for insightful investments from a wide range of sources. For further information, please go to www.springmountaincapital.com
ABOUT WHIPTAIL TECHNOLOGIES
Founded in 2007, Whippany, New Jersey-based WhipTail Technologies, Inc. (WhipTail) is an independent manufacturer of solid-state storage arrays designed to drastically improve the scalability and performance of applications such as virtualization, databases, financial trading and email. WhipTail is currently the acknowledged leader in extremely high performance, pure solid state storage arrays for the commercial, enterprise and government markets. WhipTail's storage arrays are installed worldwide, in numerous mission critical virtualization and database environments. The Company's datacenter and virtual desktop systems dramatically reduce delays related to disk contention and access times - thereby allowing database or virtualization servers to process more data in dramatically less time, while lowering the overall TCO by up to 90 percent when compared to traditional storage. Additional information may be found on the Company's website www.whiptailtech.com.
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