IO Closes $90 Million In Funding Led By New World Ventures
Equity Investment for Phoenix-based Data Center Technology Innovator to Support Global Expansion
PHOENIX, Oct. 10, 2012 /PRNewswire/ -- IO, the leading provider of next-generation modular data center technology and services, today announced it has raised $90 million in equity from a group led by New World Ventures, a Chicago-based venture capital firm focused on technology innovations that fundamentally change markets. Existing IO investors also participated in the funding.
"From the moment we saw this product, we knew it would revolutionize the industry," said Chris Girgenti, New World Ventures managing partner and newly appointed member of IO's Board of Directors. Girgenti added: "Designed from the ground up, IO delivers world class data center infrastructure capacity at substantially lower capital cost, with significantly shorter lead times, while providing industry leading energy efficiency. Led by a terrific and deep team, IO is set to make some big waves." The New World Ventures investment of $50 million is the largest single transaction in the fund's 15-year history.
IO delivers Data Center 2.0 technology to the world's largest enterprises, governments and service providers. Data Center 2.0 solutions enable organizations to shift from real estate-embedded infrastructure to efficient, sustainable, and software-driven modular installations. IO's Data Center 2.0 products and services allow companies to implement only the data center capacity they need to support business requirements, while also providing the ability to add more capacity quickly without IT downtime. IO's integrated hardware and software technology enables significant operating and capital expense savings and supports energy conservation initiatives.
"We are very excited to have New World Ventures as an investor and partner," said George D. Slessman, IO chief executive officer. "With this round of capital investment, we will expand our sales footprint globally and position IO as the global leader in Data Center 2.0 technology."
IO designs, engineers and delivers data center infrastructure for the world's largest enterprises, governments and service providers. IO owns and operates data centers for hundreds of customers, and has leveraged this experience to build a next-generation modular Data Center 2.0 cloud enabling technology platform. IO.Anywhere® modular data centers provide enterprise-class infrastructure that can be delivered as Data Center as a Service and rapidly deployed as a product to customer sites anywhere in the world. IO developed the first data center infrastructure operating system, IO.OS, to provide the intelligent control needed to maximize utilization, resiliency and energy efficiency. IO is a privately held company headquartered in Phoenix, Arizona. For more information on IO, please visit www.io.com.
About New World Ventures
New World Ventures, a member of The Pritzker Group, is a multi-stage venture capital firm helping entrepreneurs build market-leading information technology companies. Since its founding in 1996, the firm has worked side-by-side with entrepreneurs at more than 70 companies by providing a broad network of strategic relationships, advice based on decades of experience, and flexible capital. Recent successes include SinglePlatform (acquired by Constant Contact in 2012), Zinch (acquired by Chegg in 2011), and Playdom (acquired by Disney in 2010).
IO and the IO logo are trademarks of IO. © 2012.
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