Highlights –

  • The US-based firm has a subsidiary in India and is constantly increasing its engineering footprint in and around Bengaluru.
  • The firms performance is higher in comparison to other object stores, delivering tens of gigabytes of data per node in the throughput.

MinIO, Inc, a US-based cloud-software development company, announced that it has raised USD 103 million in Series B funding at a USD 1 billion valuation. Intel Capital led this round of funding while witnessing participation from a new investor, SoftBank Vision Fund 2. Existing investors included General Catalyst, Dell Capital, and Nexus Venture Partners.

With the latest fundraise, the company has raised USD 126 million to date. Prior to this round of funding, it had raised USD 20 million in a Series A investment round that was led by Nexus Venture Partners, Dell Technologies Capital and General Catalyst Partners in September 2017.

The US-based firm has a subsidiary in India and is constantly increasing its engineering footprint in and around Bengaluru. It has dozens of customers across Asia, India, and the Middle East.

Founded in 2014, MinIo is a high-performance, Kubernetes-native, S3 compatible object store for a wide range of data storage use cases. Its performance is higher in comparison to other object stores, delivering tens of gigabytes of data per node in the throughput.

The company is backed by Intel Capital, Softbank Vision Fund 2, Dell Technologies Capital, Nexus Venture Partners, and other key angel investors. The support of these ventures have made MinIO the object store of choice for best machine learning frameworks, analytics applications, web applications and other performance-oriented workloads. The company’s architecture is famous for its simplicity and scales from TBs to EBs easily.

Expert view

“With our USD 103M Series B, MinIO’s valuation tops USD 1B and represents a concrete, meaningful validation of our strategy to build the world’s leading object store. We have achieved this with a remarkable group of around forty people. It is a textbook example of how a small, disciplined, motivated and talented team can achieve amazing results,” wrote Anand Babu Periasamy, Co-founder in his blog announcing the deal.

He added, “Our frictionless open source approach has delivered developer mindshare. We see that in the data – 10,000 enterprises running MinIO in the last 30 days. A Slack channel with more than 16K members. Massive enterprise adoption.”

MinIO COO and Co-founder Garima Kapoor noted, “With Indian organisations becoming cloud first, it represents an important market for MinIO to focus on and invest in as we enter into the company’s next phase of growth and expansion.”

“Object storage has been the primary storage of the public cloud and with the adoption of Kubernetes, has become the primary storage for the private cloud and edge as well,” said Jishnu Bhattacharjee, Managing Director of Nexus Venture Partners.

“MinIO has established itself as the leader in the space and Nexus is proud to have partnered with AB, Garima, and team MinIO from Day 1, in their journey of building this category-defining company.”