Fulton, MD-based secure storage solutions provider RackTop Systems on Tuesday announced that it secured $15 million in a Series A funding round.
The round was led by Razor’s Edge Ventures and Grotech Ventures, with participation from Maryland Venture Fund, Blu Venture Investors and Gula Tech Adventures, the company of Ron Gula, co-founder and former CEO of Tenable.
The company plans on using the newly obtained funds to “accelerate near-term sales channel and product development expansion.”
Founded in 2010, RackTop provides a high-performance network-attached storage (NAS) platform powered by what the company calls “CyberConverged data security,” which combines data storage with advanced security and compliance capabilities.
The company says its technology has been used by organizations worldwide to manage over 50 petabytes of data, including in the government, healthcare, financial, media, and education sectors.
“The RackTop team has a unique perspective and clear vision on how the Security and Data Storage markets are growing and evolving, and their CyberConverged™ platform addresses major data, security, and compliance challenges within the modern enterprise,” said Jack Kerrigan, co-founder and managing director of Razor’s Edge Ventures. “We invest in great management teams with differentiated products that solve large, difficult problems across both national security and the commercial enterprise markets. We are extremely excited to invest in RackTop to accelerate their growth and continued product development.”
The fact that venture firms are prepared to invest in companies such as RackTop is unsurprising considering that the NAS market is expected to grow to over $45 billion by 2023 and the cloud security market is projected to grow to nearly $13 billion by 2022.
Last year, RackTop teamed up with Seagate to provide secure data storage solutions designed to help government organizations address cybersecurity and compliance challenges.