SAN FRANCISCO, Aug 29 (Reuters) - Pure Storage, a flash storage company, said it had raised $150 million, putting the company on track for a possible initial public offering and driving the spread of flash storage over traditional disk-based storage.
The Mountain View, California-based company, which competes with industry heavyweight EMC Corp., said in a statement it would use the cash to expand in Europe and Asia, and boost research and development.
T. Rowe Price, Tiger Global Management and other public investors led the round, which valued Pure Storage at more than $1 billion, the company said. Existing investors Greylock Partners, Index Ventures, Redpoint Ventures, Samsung Ventures and Sutter Hill Ventures participated.
PureStorage has raised a total of $245 million, including the latest amount, since its founding in 2009.
Flash storage is a sector that is increasingly in demand. Earlier this week, flash-storage business Violin Memory said it was filing for a $173 million initial public offering. Nimble storage, which makes storage devices that combine hard disks and flash drives, is also planning an IPO.