Pivot3 gets $14m infusion
AUSTIN, Texas—Pivot3’s new $14 million credit facility will propel the storage provider’s move into bigger deals that involve “thousands and thousands of cameras,” Olivier Thierry, Pivot3 CMO, told Security Systems News.
The funds will “drive the channel partnerships” for those bigger deals, Thierry said, which in turn will create “sustained profitability [for the company], which is what we’re really after.”
Pivot3, which makes converged storage and compute appliances for video surveillance and virtual desktop applications, announced the new funding round on Oct. 24. The round was led by InterWest Partners and Mesirow Financial Capital Partners, with investments from Focus Ventures, Lightspeed Partners, Silver Creek Ventures, Northleaf Ventures, Wilson Sonsini and Comerica Bank.
Pivot3’s bread and butter these days comes from very large applications in airports and other transit facilities, large corrections facilities and distributed warehouses. Its clients include the Chicago and Washington D.C. transit authorities, the Statue of Liberty and the Massachusetts Bay Transportation Authority (MBTA) in Boston. Security Systems News reported on the MBTA project recently.
Pivot3 also is strong in Indian gaming and its solutions are used in “65 casinos around the world,” Thierry said.
“We have one deal that’s about to close that’s a seven petabyte deal. That’s immense,” he said.
Those big deals “are driving the capital needs,” he said, pointing out that Pivot3 needs to buy hundreds of servers from Dell to implement the deals.
Funds also will be used for R&D, notably in Pivot3’s vSTAC operating system. At ASIS, the company, along with VMS provider Genetec, introduced its new vSTAC Edge appliance for distributed environments.