Pivot3, a provider of storage solutions used in the security industry, has closed a $23 million funding round of equity financing. The company announced the funding today and said it will use the funding to expand its product development, sales and marketing efforts.
The funding involved Samsung Ventures and included existing investors Focus Ventures, InterWest Partners, Lightspeed Venture Partners, Mesirow Financial, Northleaf Capital Partners and Silver Creek Ventures.
The firm's products feature storage solutions that also providing computing power, and are commonly used to support video management systems, however, company executives note that the products are expanding into the general IT field for storage.
Brian Kang, managing director of Samsung Ventures America said the company "chose to invest in Pivot3 because we see them as a leading player in a large and rapidly growing space of strategic importance to our business. The commercial partnership with our Techwin affiliate yields an important second dimension of mutual opportunity for the companies."