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Nimble raises $40.7 million in funding, eyes IPO

Nimble Storage has raised $40.7 million in a mezzanine round of funding, bringing its total investment  to $98 million as it prepares for a potential initial public offering (IPO).  The vendor, a developer of hybrid flash and hard drive arrays, aims to use the money to grow its employee headcount from 250 today  to about 500 by the end of 2013.

“We have the ability to go public between Q3 of 2013 and Q2 of 2014,” said Suresh Vasudevan, CEO of Nimble Storage. “The plan is to target an IPO in that timeframe. We are valuated not so much as a startup but something that has matured past that stage.”

Nimble claims its Cache Accelerated Sequential Layout (CASL) architecture allows its arrays to dynamically cache data with sub-millisecond latency and data compression  up to 75%.

Vasudevan said the new funding will be investing in engineering, marketing, support and sales, while growing their presence in Europe and Asia. More than 85% of Nimble’s deals are against Dell, NetApp and EMC, he said. “Our win rates are very strong,” said Vasudevan. “Our win rates are north of 60 percent against these companies. We do well in high performance and in disaster recovery.”

Nimble claims it has 1,100 units deployed across 600 customers since launching its first products in August 2010, and last quarter it gained more than 175 new customers. Nimble’s lead investors are Sequoia Capital and Accel Partners.

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