Hybrid storage startup Tintri has raised $125 million in a Series F funding round announced Wednesday.
The round was led by Silver Lake Kraftwerk with participation from Insight Venture Partners, Lightspeed Ventures, Menlo Ventures and NEA.
Tintri specializes in VM-aware storage appliances for cloud environments and counts AMD, F5 Networks, GE, NEC, MillerCoors and Time Warner as customers. The Mountain View, Calif.-based company says it plans to use the new funding to expand its global footprint via marketing and channel initiatives and to grow its user base of virtualized enterprises.
Tintri did not disclose a valuation but says it has raised $260 million to date. The company closed a Series E funding round in February 2014, and at the time hinted that it was headed toward an initial public offering in 2015. Tintri CEO Ken Klein now says the IPO is more likely to happen some time next year.
The latest funding is a timely boost for Tintri as competition in the lucrative flash storage market continues to balloon. Other companies in the space include fellow startups such as Tegile and Pure Storage, as well as more established vendors like EMC, NetApp and SanDisk.
Adam Grosser, Tintri board member and managing director at Silver Lake Kraftwerk, believes Tintri stands out for its long-term growth potential.
"We believe Tintri's technology is disrupting storage software architectures for an expanding base of blue-chip customers," Grosser said in a statement.