IPO-bound Pure Storage gets $150M infusion at billion-plus valuation
- Cromwell Schubarth
- Senior Technology Reporter- Silicon Valley Business Journal
- Email | Twitter | Google+
The Mountain View company founded by John "Coz" Cosgrove and John Hayes said that the round was led by T. Rowe Price and Tiger Global Management. Fidelity Financial was another leader in one of the biggest fundings of the year in Silicon Valley.
Previous investors participating include Greylock Partners, Index Ventures, Redpoint Ventures, Samsung Ventures and Sutter Hill Ventures.
The new funding is one of the largest in the storage market and brings the company's total raised to $245 million, putting Pure Storage in line for a future IPO.
The IPO message is seen as a powerful tool in the company's recruiting effort, President David Hatfield told me.
"It's much easier to attract A-plus talent, especially on the engineering side, as a pre-IPO entity," he said.
The three investors involved are the only ones Pure Storage approached for the big round, Hatfield said. "They do about 98 percent of their investments in public companies and we wanted to send the message that we should be viewed in that same class."
The company said it will use the funds to accelerate expansion in Europe and Asia, as well as grow its sales, support and marketing teams worldwide, and increase its investments in research and development.
Hatfield said the company has about 250 people today and expects to top 400 employees by the end of the year.
Pure Storage is one of a group of challengers to industry giant EMC Corp. who are pushing greater use of flash storage over traditional disk storage.
Cromwell Schubarth is the Senior Technology Reporter at the Business Journal. His phone number is 408.299.1823.
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