Data tech co Volumez expands Series A round to $40m

The startup company Volumez, led by former Intel senior vice president Amir Faintuch, announced today the expansion of its Series A fundraising round to $40 million. Initially, the company raised $20 million in April 2023, led by Koch Disruptive Technologies (KDT).

Volumez introduced Samsung Venture Investment Corporation and JVentures as new investors. Although the company didn’t disclose its valuation, the second tranche reportedly involved a $100 million increase. Volumez is making its initial moves in the public cloud data management market, alongside major players like EMC, IBM, Dell, NetApp, and Israeli companies VAST Data and Weka.

Founded by Jonathan Amit, an engineer with many patents, and managed by Amir Faintuch, Volumez aims to disrupt the cloud market by combining new hardware and software architectures to reduce costs. Their product allows companies using cloud services from Amazon Web Services, Google, and Microsoft Azure to save costs, particularly in training models, by minimizing the use of controllers through open-code Linux development that simulates complex memory operations.

Volumez has also recruited senior experienced professionals to its management team. John Blumenthal is the Chief Product and Business Officer, Jason McKinney is the Chief Revenue Officer, and Philippe Ciampossin serves as the Senior Vice President of Advanced Technology.

Faintuch, formerly a high-ranking executive at Intel and Qualcomm, joined Volumez after a period at GlobalFoundries. With the new investments led by KDT, the total amount raised by Volumez stands at $52 million, including participation from existing investors Pitango First and Viola Ventures.

Source: Data tech co Volumez expands Series A round to $40m.