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Monosphere Closes $11 Million in Funding |
MonoSphere Inc., creator of storage capacity planning software, has closed $11 million in Series B funding. Led by Intel Capital, this funding round also included additional investments from existing investors, ComVentures, and Lightspeed Venture Partners. This new funding enabled MonoSphere to expand its national reach by opening a New York office.
“Since we announced Storage Horizon late last year, we have experienced tremendous customer and investor interest in helping enterprises manage and plan their exploding storage capacity growth,” said Ray Villeneuve, MonoSphere’s President and CEO. “With so many companies working diligently to optimize their IT Capital Expenditures (CapEx) while improving service levels, Storage Horizon™ is ideally positioned to help organizations improve storage service levels and dramatically reduce storage CapEx,” Ray said.
"As the amount of valuable content proliferates, companies struggle with where – and how – to adequately and efficiently store pertinent data and effectively utilize the existing storage infrastructure," said John Mascarenas, investment manager, Intel Capital. "We believe storage management is an urgent challenge in the marketplace and MonoSphere's software solutions help companies to address this need directly," John said.
“Companies continue to grossly overspend on storage hardware with no real insight into where resources are actually needed or how best to deploy them,” said Michael Rolnick, Partner at ComVentures. “MonoSphere enables these organizations to gain new visibility into their infrastructure and systematically plan and optimize their storage purchases and deployments. Organizations who don’t take advantage of capacity planning applications are finding that their IT budgets are out of balance – too much is spent on storage hardware which leaves new IT initiatives under-funded,” Michael said.
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