Fidelity leads Series B round for India's Cloudbyte
Fidelity Growth Partners India has led a $4 million Series B round of investment in Cloudbyte, a company which provides cloud-storage solutions for online applications. Existing investors Nexus Venture Partners and Kae Capital also participated.
This latest round brings the total amount raised by Cloudbyte to $6.1 million.
The company has offices in both Bangalore, India and California, and its flagship product is a platform called ElastoStor. The new capital will be used to expand global sales and marketing and product development. New hires will also be made to support growing customer demand. CloudByte appointed former SanDisk General Manager Greg Goelz as CEO last month.
"The company's leading-edge ElastiStor storage technology, shipping since January, and its applicability for both cloud storage providers and enterprise private clouds helped us make this investment decision," said Raul Rai, managing director at Fidelity, in a statement. He will joint the Cloudbyte board.
There have been a number of venture capital investments in the cloud application and big data space recently, and many of the target companies have operations in India. This is due to the synergies that can be found between the existing business process out-sourcing (BPO) and knowledge process out-sourcing (KPO) sectors and the fast-growing data service industry.
Recent examples include Kae Capital's investment in cloud-based app development platform ShepHertz; Bessemer Venture Partners' investment in cloud-based IT service provider Anunta Technology Managament Services andthe recent $7 million series A for Bangalore-based big data firm Qubole.
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