EDBI, Hewlett Packard back US IT player's Asia push
Singapore's EDBI and the venture arm of Hewlett Packard’s software spin-off HPE have joined a $21.5 million Series C funding round for an Asian expansion drive by US-based IT company Hedvig.
State-owned Oman Technology Fund, Atlantic Bridge Ventures, True Ventures and Vertex Ventures also participated. It brings the company’s total fundraising to $52 million since 2012.
In addition to growth initiatives across Asia Pacific, the capital will support cloud computing technology development as well as hiring in the engineering and sales teams. This effort will include a focus on data storage.
Hedvig aims to help corporate clients integrate cloud-based systems into their businesses. The company focuses on customized and flexible data management services that support software-defined storage (SDS) platforms.
SDS technology presents potential for operational efficiencies in cloud data storage by reducing reliance on traditional IT hardware through duplication and virtualization protocols. It is said to be a $7 billion market globally that will grow at a rate of 32% a year through 2022.
“As cloud adoption gains traction in Asia, companies seek new storage solutions that could offer cloud-like agility, scalability and cost-efficiency to better manage their voluminous data,” Swee Yeok Chu, CEO and president of EDBI said in a statement.
“Hedvig’s next-generation SDS platform allows enterprises to leverage multiple cloud storage options to perform computing tasks of varying complexity, hence providing the flexibility to meet their increasingly sophisticated data needs. Singapore’s leading data hub position will be an ideal base for Hedvig to target the Asian market with EDBI’s support.”
Previous venture interest in supporting cloud-based data storage infrastructure includes a $24 million investment in US, Japan and China-based Cloudian as well as a $100 million round for China’s Qiniu. Last year, Legend Capital led a $30 million Series C for Chinese cloud storage services provider Haizhi.
EDBI is privately owned by Singapore’s Economic Development Board and targets companies in the financial technology, data analytics, information security and software infrastructure sectors. It has recently been active in cloud technology with participation in a $51 million round for India’s Druva.
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