News – Venture Capital & Private Equity practice
11 September 2014
Cresco assisted Amplidata in the preparation, negotiation and closing of its most recent USD 21 million Series D capital raising round, consisting of a strategic USD 10 million investment by Western Digital Capital and USD 11 million of follow-on funding from existing investors (including Intel Capital Corporation and Quantum).
In addition, HGST (formerly Hitachi Global Storage Technologies), a wholly-owned subsidiary of Western Digital, has selected Amplidata’s Himalaya software to jointly develop a family of ultra-dense storage solutions in order to help tackle the rapidly growing demand to store data in both public and private cloud data centers.
Amplidata is a privately held cloud storage solutions provider that offers a scale out storage system technology specifically designed to improve storage providers' ability to meet increasing demands for capacity and reliability. Amplidata’s flagship solution is AmpliStor, which is an object-based software defined storage solution (SDS) for enterprise, private cloud, and public cloud implementations for a wide range of industries. AmpliStor uses patented BitSpread and BitDynamics technologies to help data durability reach greater than 15 nines, infinite scalability from petabytes to exabytes, and extreme capacity and operational efficiency to significantly reduce CapEx and OpEx.
The transaction involved i.a., the negotiation of complex investment documentation and technology agreements between HGST and Amplidata.
We have assisted Amplidata with the preparation, negotiation and completion of previous capital raising rounds, including:
- 2010 Series B convertible preferred capital raising: USD 6 million was raised with Endeavour Vision, Big Bang Ventures and Swisscom;
- 2011 Series C convertible preferred capital raising: USD 8 million was raised with Intel Capital Corporation as lead investor with significant participation by Endeavour, Big Bang Ventures and Swisscom; and
- 2012 Series C-1 convertible preferred capital raising: USD 6 million was raised with strategic investor Quantum Corporation as lead investor and with significant participation by Intel Capital Corporation, Endeavour and Big Bang Ventures,
We provide ongoing operational legal support to the senior leadership of Amplidata and provide counsel concerning intellectual property protection and enforcement.
David Dessers, Pieter Capiau, Yannick Verrycke and Wim Van Berendoncks constitute the Cresco deal team for this transaction and ongoing legal support.