GreenBytes lands $7M in Series C round

PROVIDENCE-BASED GreenBytes Inc. has raked in $7 million in a Series C financing round from Battery Ventures and former Vice President Al Gore's firm General Investment Management LLC.
Posted 4/3/13

PROVIDENCE – GreenBytes Inc., a developer of virtual desktop and cloud-scale IO-offload and data deduplication solutions, has landed $7 million in a Series C funding round from General Investment Management LLC and Battery Ventures, the company announced Wednesday.

General Investment Management, which is dedicated to long-term investment, integrated sustainability research and “client alignment,” was founded in 2004 by David Blood and former Vice President Al Gore.

GreenBytes said it plans to use the funds to continue the expansion and acceleration of global sales, marketing and partner development efforts, as well as for ongoing research and development of its patented inline deduplication technology. The technology is found exclusively in the company’s award-winning IO Offload Engine and vIO solutions for desktop virtualization.

“GreenBytes has experienced explosive growth and intense interest from the rapidly expanding desktop virtualization market whilst garnering extraordinary praise as the first-mover in the flash-optimized virtual storage appliance market,” Steve O’Donnell, chairman and CEO, said in prepared remarks.

“We have been gaining incredible momentum with customers, resellers and strategic OEM partners, and this additional funding enables us to step up sales and marketing programs as we expand our solution into additional global territories and experience deeper market penetration,” added O’Donnell.

According to GreenBytes, the company’s IO-Offload desktop virtualization solutions “maximize the effective performance and capacity of existing infrastructure,” while providing persistent, full-featured desktops with manageability, scalability and affordability.

The company boasts that its patented zero latency inline deduplication technology delivers a superior virtual desktop experience with 97 percent less storage space required.

“With groundbreaking, patented technology perfectly suited for cloud-based and enterprise desktop virtualization, we recognized a significant market opportunity when we joined the investment team during GreenBytes’ previous round of funding,” Colin le Duc, partner, Generation Investment Management, said in a statement.

“Desktop virtualization adoption is clearly picking up speed, and GreenBytes is already playing a key role in this market, evidenced by the company’s advanced market position,” said le Duc. “We are impressed with the outstanding progress that GreenBytes continues to make, and with the recent expansion of the executive management team, GreenBytes has further solidified its outstanding leadership team who are poised to take the company to the next level.”

Battery Ventures invested in GreenBytes early on, and General Partner Tom Crotty said “it’s been rewarding to observe and support the company’s continued growth and traction with enterprises, OEMs and service provider partners.

“The company’s patented inline deduplication technology solves the cost, performance and user experience problems that had served as roadblocks by antiquated, legacy VDI solutions,” said Crotty, adding: “GreenBytes is leading the way as an innovator in a growing space, and we look forward to continued momentum.”

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