Fulton, Md.-based data storage provider RackTop Systems has secured $15M in its latest funding round aimed at supporting the company's near-term sales channel and product development expansion.
Razor's Edge Ventures and Grotech Ventures led the investment, supported by Maryland Venture Fund, Blu Venture Investors and Gula Tech Adventures, RackTop said Tuesday.
RackTop provides network-attached storage platform worldwide to help manage more than 50 petabytes of data from customers in the public sector, media, advertising, entertainment, financial services, healthcare and life sciences.
Eric Bednash, co-founder and CEO of RackTop, said the company's product combines data storage with cybersecurity to address the challenges in storing vast data without the added complexity and cost.
Estimates from MarketsandMarkets show that the NAS market could grow to $45.2B by 2023. Cyber threats are also projected to cost $2T globally in 2019, which could boost the demand for cloud security for critical data storage, according to Research and Markets.
Jack Kerrigan, co-founder and managing director of Razor's Edge Ventures, said RackTop's Cyber Converged platform is designed to help address the growing data, security and compliance challenges within the modern enterprise.
“We are extremely excited to invest in RackTop to accelerate their growth and continued product development,“ he said.