Austin virtualization company completes $12M round of financing

Aug 7, 2014
Austin Business Journal

Pivot3 Inc., a virtualization technology maker, has completed a $12 million Series E round of funding

Executives at the Austin-based company said the capital will be used to fund additional product development to fuel its growth, according to a statement. The financing increases to an estimated $110 million the amount of capital Pivot3 has raised since launching

Pivot3, which was founded in 2003, develops server and storage virtualization software and hardware. The company, which also operates a development center in Houston, employs 78 workers

In October 2013, it received a $14 million round of funding from a syndicate of investors that included California-based InterWest Partners, Chicago-based Mesirow Financial Capital Partners, and California-based Focus Ventures

In early 2012, Pivot3 completed a $23 million round of financing to fund expansion of Pivot3’s product development and sales and marketing. The funding increased to $101 million the amount of venture capital it had raised at that time

Investors included Korea-based Samsung Venture Investment Corp. in tandem with investments by Mesirow Financial, Canada-based Northleaf Capital Partners, Dallas-based Silver Creek Ventures, and Focus Ventures, InterWest Partners and Lightspeed Venture Partners

In November 2013, Pivot3 enlisted tech veteran Ron Nash as its new CEO, replacing founder and Chief Technology Officer Bill Galloway, who had replaced CEO Bill Braveman earlier in the year

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