Igneous Secures $25 Million in Series-C Funding
SEATTLE, March 15, 2019 — Igneous, Inc., the Seattle-based startup delivering the only Unstructured Data Management (UDM) as-a-Service solution, has raised $25 million in Series C funding led by WestRiver Group (WRG). Igneous has experienced tremendous growth and customer traction within leading data-centric enterprises across industries. With this latest round, Igneous will accelerate its mission to help organizations see, organize, protect and mobilize their most valuable data assets. WRG is joined by all existing investors, including Madrona Venture Group, NEA, Vulcan Capital and Redpoint Ventures.
Funding will be used to expand the company’s technology and go-to-market investments to further tackle the mounting issues enterprises deal with in managing, protecting and getting value from their growing volumes of unstructured data.
“The addition of the WestRiver Group is core to our mission,” said Kiran Bhageshpur, CEO of Igneous. “We believe they are the right partner to support our mission to solve our customers’ most challenging data enablement initiatives and accelerate adoption of Unstructured Data Management.”
“WestRiver Group is excited to lead this round of funding,” said Anthony Bontrager, Managing Director at WRG. “Igneous is uniquely positioned to enable enterprises to unlock the value of their datasets and simultaneously reduce their risk profile. This is a complex problem that Igneous has tackled with impressive technology services.”
80% of global enterprise data is driven from unstructured data – much of it being machine generated, high fidelity file and object data such as imaging, video, scientific and sensor data. Tools for data-centric workflows (including Machine-based Learning, HPC and EDA) for harnessing the value of this data are now accessible for mainstream enterprise adoption. But teams still face the harsh technical limitations of managing the growth and lifecycle of these datasets for best use – as reported in the 2018 State of Unstructured Data Management. Organizations partner with Igneous to remove the complexity and costs of managing their unstructured data at scale.
Igneous delivers the only Unstructured Data Management (UDM) as-a-Service solution, giving data-centric enterprises visibility, protection, and data mobility at scale. Igneous’ API-enabled, cloud-native solution combines all UDM functions so that organizations can tap the value of their unstructured data, while reducing risk and optimizing IT resource utilization.
Igneous: The right data, in the right place, at the right time.
About WestRiver Group
WestRiver Group (WRG) is a collaboration of leading investment firms that provides integrated capital solutions to the global innovation economy. The Kirkland, Wash., based company has investment platforms focusing on the technology, life science, energy, and experiential sectors, with flexibility to invest in a variety of asset classes and capital structures. WRG’s established network of partners provides access to investment opportunities and thought leadership, and deep operational expertise allows it to work closely with portfolio companies and lead at the executive and board level.