Video storage appliance and virtual desktop infrastructure solutions provider Pivot3 announced this week that it has closed a $12 million funding round, which will be used for company growth and product development.
According to a statement, the funding round was led by new investor S3 Ventures, as well as current investors InterWest Partners and Mesirow Financial.
“Pivot3 products leverage innovative technology to solve important business problems in large markets. The company’s growth is impressive, their customer references are excellent and their potential is unlimited,” said Brian R. Smith, managing director, S3 Ventures, who has also joined the Pivot3 Board of Directors.
The funding follows the recent release of Pivot3 vSTAC OS 6.5, a comprehensive update to the operating system of the company’s vSTAC suite of technologies that further improves performance and enhances operational simplicity. Pivot3’s hyper-converged infrastructure is installed in more than 1,000 customer locations around the world.
“We are excited that S3 Ventures has joined us and that Brian has joined our board. He is an experienced and successful operations executive and his advice will be critical as we scale our company. This financing is a testament to the great momentum we have established with our innovative hyper-converged infrastructure in the VDI, surveillance and data center sectors,” said Pivot3 CEO Ron Nash. “We have had significant sales growth and this funding round puts us in a position to pursue more opportunities to accelerate new levels of revenue and earnings.”
Additionally, Pivot3 also announced this week that Mike Dansby has joined the company as vice president and chief financial officer.
Prior to joining Pivot3, Dansby served as CFO at Digby, a technology start-up company in Austin, Texas that was recently acquired. He has also served in senior-level financial roles at technology-focused companies such as MPC Computers, hire.com, Pavilion Technologies, CovaSoft and Question Technologies. Dansby holds an MBA from the Wharton School of Business at the University of Pennsylvania and a BA from the University of California at Santa Barbara.
“Mike has deep experience in growing companies and in scaling organizations,” Nash said. “He has also successfully taken smaller companies that were not fully automated and helped develop the management systems necessary to operate and quickly scale their business. He has performed well in fast-growing companies, so we are pleased that he will lead our financial functions as part of our leadership team.”