Hyperconverger Springpath pivots to OEM channel. Yes, we said pivots. What of it?
#Hyperconverged software startup @Springpath is on a @Cisco express hurtling to assault the market and bring #UCS server-based #HyperFlex systems to prominence.
Springpath CEO @TerryCunningham joined in May 2015, coming from running EVault, the cloud backup service unit of @Seagate, which #Seagate folded back into its own organisation, leaving no role for its CEO. In the fall of 2015 he drove a change of strategy to primarily go OEM. It’s also developing its product to provide application layer integration. We note it has technology partnerships with @Citrix, @Veeam and @Zerto.
Mallik Mahalingam, the co-founder and original CEO, is now CTO, and the pattern here seems to be one of bringing in an experienced CEO to grow the company while the founder steps back to a technical strategy-type role. The company was founded in 2012, when there was an $8 million A funding round, followed by a B-round of $25 million in 2014, and then a C-round in fall 2015, along with a CIsco investment, both of an undisclosed amount, and the Cisco OEM deal. We think total funding is between $35 and $60 million.