Appistry Closes Oversubscribed $12M Series D Financing to Fuel Growth
ST. LOUIS, Aug. 2, 2011 /PRNewswire/ -- Cloud solutions developer Appistry, Inc. today announced that it has closed $12 million in financing led by eXome Capital. Stuart Mill and other private and existing investors also participated. eXome Capital is a St. Louis-based private equity fund, which along with affiliates, has invested in previous capital rounds. In addition to being the lead investor for the Series D round, eXome provided the Term and Convertible Debt financing. Appistry plans to use this additional funding to support growth by expanding sales and marketing efforts, which is expected to bring the company to profitability. This Series D offering, which includes term debt, pushes the total private investment in Appistry to over $34 million.
"With the exponential growth in the depth and complexity of 'big data' applications, the critical challenges behind storing, managing and analyzing data efficiently and sustainably will only continue to rise in significance," Appistry CEO Kevin Haar said. "This latest round of funding is optimally timed to fuel Appistry's natural evolution up the value chain to provide specific solutions to real customer problems."
The relative simplicity and cost-efficiencies provided by Appistry's scalable cloud solutions are particularly relevant to super-throughput applications within the financial services, life science, and defense and intelligence sectors.
"Appistry arms its customers with a powerhouse value proposition by shattering the boundaries left behind by legacy 'big iron' processing and storage models," Sultan Meghji, Appistry's Vice President of Cloud Applications, said. "The next generation of high-performance computing is happening right here."
Appistry's flagship CloudIQ Platform applies cloud architectures to the large-scale data storage and processing challenges of high-throughput analytics. CloudIQ enables "computational storage," which unifies applications and data, eliminating the gap that traditionally divides the two. By offering a new level of scalability, elasticity and reliability for data-intensive applications, Appistry allows enterprises to quickly turn raw data into actionable intelligence faster, better and cheaper than ever before. Appistry customers include global leaders like FedEx, GeoEye, State Street Bank, Northrop Grumman, Lockheed Martin and multiple U.S. Government agencies.
For more information about Appistry, please visit www.appistry.com.
Appistry, CloudIQ, and the Appistry logo are trademarks of Appistry, Inc.
SOURCE Appistry, Inc.