The company raised $19 million in an oversubscribed round that included participation from its current investors, Acero Capital, GGV Capital, and ONSET Ventures. Leading the new round is Atlantic Bridge Capital, a Global Growth Equity Technology Fund with over $450 million of assets under management. Gridstore will use this infusion of capital to expand its international geographic coverage, partner recruitment programs, domestic and international sales teams as well as increasing engineering and product development initiatives. Joining the Board as its new Chair is Nariman Teymourian, most recently senior vice president and general manager of the Converged Systems Division HPE, and prior to that CEO of Gale Technologies. Kevin Dillon, general partner of Atlantic Bridge Capital will also take a seat on the Board of Directors. Additionally, the company has added several new executives to help drive the company’s expansion in 2016.
“We are very pleased to welcome Nariman Teymourian as our new Chairman of the Board as he brings not only tremendous insight and industry experience, but a track record of success with start-ups,” said Rami Elkhatib, general partner, Acero Capital. "Additionally, Kevin Dillon’s expertise and business acumen will add a new dimension to an already strong Board as we lay out plans for the future. Together their deep experience will prove invaluable as we take the company to its next level.”
“This is a very exciting time in the market and I am very pleased to be joining such a dynamic company,” said Kevin Dillon, general partner, Atlantic Bridge Capital. “Gridstore’s solid growth positions them well in the hyperconverged market and I look forward to helping the company drive forward to even greater growth.”
“Business has been booming, as seen in the 343% year-over-year growth we’ve delivered,” said George Symons, CEO, Gridstore. “And this additional funding will enable us to continue that momentum. Additionally, we’ve added several key executives that I expect will have a significant impact on our achievements in 2016.”
