Tech company Gridstore completes €1.5m funding round

15 Nov 2010

Irish technology firm Gridstore has completed a round of seed funding worth €1.5m to fund further product development and generate sales.

The Irish innovation leader in enterprise-class Network Attached Storage grid (NASg) solutions completed the funding round, which was led by the Ulster Bank Diageo Venture Fund, managed by NCB Ventures, as well as Enterprise Ireland and a small number of Irish investors.

Gridstore hopes the seed funding will allow it to enhance product development and better target the US through its operation in Mountain View, California, in Silicon Valley, that will focus on the creation of more sales.

Massive potential

Kelly Murphy, co-founder and CEO of Gridstore, said: “Investment from the Ulster Bank Diageo Venture Fund will allow us to start rolling out our unique data storage solution in the US where we believe it has massive potential.

“Our strategy is to target the small and medium business (SMB) market where our approach and technology allows SMBs to combine an unlimited number of low-cost storage units into a fault-tolerant, high-performance and highly scalable storage system. Critically, the cost of our solution is up to 10 times lower than current enterprise class systems.”

Chris Horn, chairman of Gridstore and member of the Government’s Innovation Taskforce, said Gridstore was an encouraging example of the type of company the Irish innovation economy can deliver.