Israeli Data Storage Firm Infinidat Announces $150m Investment

Infinidat has already raised $230 million, bringing total post-funding valuation to $1.2 billion.

Herzliya Pituah-based data storage firm Infinidat announced on Wednesday that it has received $150 million in investments led by the TPG Growth fund. Infinidat said this new second round of funding brings the total that it has raised to $230 million and brings the company’s post-funding valuation to $1.2 billion. The terms of the transaction were not disclosed.

The Wall Street Journal called the firm, which was founded in 2011 by Moshe Yanai, “a secretive young data storage company” that has now “burst into public view” as one of the most valuable privately held companies anywhere. The publication reported that the company’s head of marketing, Gareth Taube, indicated that the new level of funding could be enough to lead to an initial public offering.

Yanai “has started and sold a number of companies, but his mantra for this one is to take it public,” the Journal quoted Taube as saying. The new money will be used to expand its operations, Taube told the Journal, and reportedly currently has 200 employees. Its American offices are in Needham, Massachusetts. The Journal quoted an unnamed source as saying that the company has avoided the “Silicon Valley buzz,” and added: “No one in the valley knows what this company is up to, how large it is, the deals they’re able to sign.”

The Beta Boston website called Yanai, who in the past worked at EMC, the cloud computing and data firm, “a legendary figure” in the world of data storage. “He led development of EMC’s Symmetrix storage systems, a revolutionary product that helped EMC leap ahead of IBM in the storage market. Yanai eventually amassed a team of thousands of engineers, and was known to fly a helicopter around EMC’s Hopkinton [Massachusetts] campus,” Beta Boston reported.

“After leaving EMC, he founded a company that was acquired by former archrival IBM, which called him ‘one of the most influential contributors in the history of the data storage industry,’” Beta Boston said.