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When ONStor CEO Bob Miller got the drift of this year's financial markets, he and his management team decided to return to the VC well.
"Sometime in the very early part of this year, we saw that the financial markets weren't headed in the right direction for IPO," Miller says. "We want to make sure we can stay focused on our business and strong balance sheet."
ONStor has a commitment of $25 million for shares of preferred stock, deliverable in two tranches. The first, comprising $14.8 million, has been delivered; the rest will come sometime later this year.
This is the sixth round of funding raised by ONStor, and it brings the vendor's total to about $130 million. Investors include Foundation Capital, Velocity Interactive (formerly ComVentures), Mayfield, and Worldview Technology Partners.
The clustered NAS vendor will use the money for working capital. "We're using it to grow in three areas: sales, customer support, and engineering," Miller says.
With the move to the cloud, CISOs must shift priorities from operating security programs to overseeing (monitoring and auditing) outsourced cybersecurity programs.
2022 was a boon year for IT salaries. 2023 came in like a beast with layoffs, raise freezes, and ChatGPT, but that beast has few teeth.
Age is only a number. Don't let a high number cancel your career.
