SolidFire Raises First-Round Funding

SolidFire, an Atlanta-based cloud computing storage platform, has raised an undisclosed amount of first-round funding co-led by Valhalla Partners and Novak Biddle Venture Partners.

PRESS RELEASE

SolidFire, a next-generation cloud computing storage platform, has closed its first round of venture capital funding, led by Valhalla Partners and Novak Biddle Venture Partners.

Named to SolidFire’s Board of Directors are Valhalla General Partner Charles Curran, and Novak Biddle General Partner Phil Bronner. In addition, Atlanta entrepreneur and former Turner Broadcasting executive Greg Foster has joined the Company’s Board of Advisors.

“Both Valhalla and Novak Biddle bring a wealth of experience in the cloud computing and storage arena,” said Dave Wright, founder and CEO of SolidFire. “We look forward to working closely with Phil and Charles to build a great company.”

SolidFire’s cloud-scale, block-based storage system provides reliable, high performance storage in the cloud based on commodity hardware. The Company’s architecture has been designed to optimize the performance of solid state storage (SSD) to provide a significant increase in performance and capacity per storage dollar spent. SolidFire’s solution allows cloud providers and enterprises to take advantage of the performance, reliability and energy efficiency advantages of solid state storage at a price point comparable to conventional spinning disk storage.

“SolidFire virtually eliminates the cost tradeoff of using solid state storage in the cloud,” said Curran. “Valhalla is excited to be a part of a venture that will have an enormous impact on the cloud storage space.”

“We are impressed with the revolutionary approach Dave and the SolidFire team have taken to solving this growing problem,” said Bronner. “Novak Biddle is proud to back a proven entrepreneur with a great technology solution.”

Prior to SolidFire, Wright was founder and CEO of Jungle Disk, the first commercial cloud storage and backup service built on the Amazon S3 cloud storage platform. Jungle Disk was acquired by cloud computing provider Rackspace Hosting in 2008.

About Novak Biddle Venture Partners

Novak Biddle Venture Partners is a leading early stage venture capital firm focused on unique, cutting-edge technology investments in the Eastern United States, as well as targeted opportunities nationwide. With $580 million under management, Novak Biddle operates five venture funds that currently provide equity financing and management assistance to 42 portfolio companies. Novak Biddle continues to seek business situations where the combination of ideas, dollars, experience, and relationships can create long term, sustainable value. A sampling of companies funded by Novak Biddle include: RFID first-mover Matrics, voice over IP trailblazer Telogy, education technology leader Blackboard Inc. and intelligent video surveillance pioneer ObjectVideo. For more information, visit www.novakbiddle.com.

About Valhalla Partners

Valhalla Partners is a trusted partner and advisor to technology entrepreneurs in their quest to build world-class companies. Based in Vienna, Virginia, the firm’s management team has made more than 120 investments over the past 20 years and produced almost $1 billion of investment proceeds. Valhalla prefers investments where the mission of the company is to innovate, challenge and fundamentally change the dynamics of new and existing markets. Investments by Valhalla’s team include Advertising.com, CareerBuilder.com, Clarify, EnterpriseDB, Epicor, Exchange Solutions, JumpTap, LeftHand Networks, Mobius, NextLink, Nirvanix, Progress Software, Proxicom, RealOps, Register.com, Riverbed Technologies, SafeNet, SEPATON, ServiceBench, Trilogy, and webMethods. Valhalla Partners brings the full power and network of its experienced team to every investment it makes, helping companies grow faster and smarter regardless of size or maturity. For more information, go to www.valhallapartners.com.

About SolidFire

Atlanta-based SolidFire is a next-generation storage platform for cloud computing providers and other enterprises that need scalable, reliable storage for thousands of servers. The Company’s solution allows customers to take advantage of the performance of solid state storage at a price comparable to traditional spinning disk, while significantly reducing operational and storage management costs. For more information, go to www.solidfire.com.