Cleversafe Inc., a Chicago, IL-based data storage solution, raised $55m in Series D funding.
The round was led by New Enterprise Associates (NEA) with participation from all major existing investors (in Series C, backers included Motorola Ventures, New Enterprise Associates, OCA Ventures, and clients of Anderson and Strudwick, Inc.), as well as new investor New World Ventures. In conjunction with the financing, NEA’s Managing General Partner Peter Barris joined Cleversafe’s Board of Directors.
The company intends to use the funds to expand its product development efforts and grow into new vertical market segments.
Founded in 2004 and led by John Morris, president and CEO, Cleversafe has developed dsNet®, an object storage system that applies Information Dispersal technology to slice and disperse data to eliminate single points of failure and centralized synchronization points and distribute data across all storage nodes with metadata that can scale infinitely as new nodes are added.