August 26, 2015 / 11:37 AM / 3 years ago

Velostrata introduces public/private cloud software; takes funds

FRANKFURT (Reuters) - Velostrata, a year-old start-up founded by a successful Israeli software entrepreneur, on Wednesday revealed plans to offer hybrid cloud software that lets organizations offload local business data more securely to public cloud services.

In addition, Velostrara said it had raised $14 million in early stage, Series A funding from established venture financers Norwest Venture Partners and 83North, which previously operated as the Israeli arm of Greylock Partners.

Velostrata said its software promises to remove barriers to adopting Internet-based storage by combining elements of lower-cost off-site cloud services with the control of keeping business data secured on local datacenters.

This approach lets technicians offload inactive data from local computers inside an organization for storage back-up and data archiving in the cloud, allowing speedy recovery from data disasters within minutes, the company said. This is a key limitation holding back adoption of cloud services by companies.

Velostrata, which was founded in Netanya, northern Israel in 2014 and is now based in San Jose, Calif., is the brainchild of serial software entrepreneur Issy Ben-Shaul, Velostrata’s chief executive, and Ady Degany, its chief product officer.

Ben-Shaul was co-founder of Actona, a company sold to Cisco for $82 million in 2004 who then founded Wanova, a virtual desktop firm sold to VMware in a 2012 deal reportedly valued at the time in a similar range.

Degany ran product marketing at StorSimple, storage software company acquired by Microsoft, also in 2012, for undisclosed terms.

Editing by Maria Sheahan

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