Tintri, Inc. has announced that it has raised $125 million in its latest funding round led by Silver Lake Kraftwerk, according to a press release issued by Tintri.
The company plans to use the raised capital to accelerate the global adoption of its VM-aware storage.
"This funding fuels our mission and we'll be growing our global footprint and raising visibility of the business benefits of storage built specifically for virtualized enterprises," Ken Klein, chairman and CEO of Tintri, said in the press release.
Reuters adds that Tintri's business is focused on customers using virtualized workloads, which means that there is only one machine that handles multiple operating systems and applications instead of a dedicated machine for each.
This kind of system is more valuable as it generally provides more flexibility, at lower cost and higher speed.
The company said in the press release that, at present, they are trusted with 400,000 virtual machines, storing 50 petabytes of user data for enterprises and cloud service providers.
"The storage industry is going through a dramatic transformation," Klein said in the press release. "Virtualization and cloud are forces for change, and conventional DAS, NAS and SAN storage are struggling to keep pace."
"That's why our message of VM-aware storage (VAS) is winning in the marketplace," he added.
The company also stated in the press release that they have achieved triple-digit year-over-year growth and has an expanding global customer base.
Reuters adds that the capital Tintri raised and its continued growth in the market puts it on track to have an initial public offering (IPO) in 2016.
The funding that the company received will help them expand the business and put them on track for a cashflow break even quarter sometime next year.
This means that their revenue will meet or exceed their costs, a milestone that is generally highly valued by IPO Investors, according to Reuters.
Tintri has now raised a total capital of $260 million, according to the press release.
