SAN MATEO, Calif., June 25, 2024 (GLOBE NEWSWIRE) -- Cloudian, the leader in secure S3-compatible AI data lake platforms, announced today that it has closed $23 million in growth financing from Morgan Stanley Expansion Capital. Cloudian will use the proceeds to drive product innovation and sales and marketing initiatives to meet the rapidly growing demand for the firm’s AI data lake software.
Heightened enterprise demand for scalable AI-ready data management solutions has propelled Cloudian to achieve impressive growth metrics, including a 30% increase in Annual Recurring Revenue (ARR) year over year. Additionally, Cloudian has reached a significant financial milestone by achieving breakeven, reflecting the company's strong operational performance and market position.
“Our product innovation and commitment to customer success have driven substantial growth as enterprises increasingly leverage Cloudian’s AI-ready data lake technology to create insights and advance their AI initiatives,” said Michael Tso, CEO and Co-Founder of Cloudian. “Achieving breakeven alongside this growth marks a pivotal moment in our financial journey. We are excited to partner with Morgan Stanley Expansion Capital to further our mission of providing industry-leading storage solutions.”
Cloudian's HyperStore, known for its seamless scalability, industry leading S3 compatibility, and robust security features, has enabled the company to meet the diverse storage needs of enterprises across various industries, including healthcare, finance, media, and government. Significant investments in technology and product development have positioned Cloudian as a key player in the object storage market.
“Cloudian's innovative approach to data storage, combined with its strong customer focus, has positioned the company as a leader in the market,” said Stanley Hua, Executive Director of Morgan Stanley Expansion Capital. “We are delighted to support Cloudian in the next phase of growth and to help the company continue delivering exceptional value to its customers.”
On-premises AI data lakes from Cloudian help enterprises worldwide securely turn information into insight and develop proprietary AI models while fully addressing data sovereignty requirements. Proven with popular AI and data analytics tools including PyTorch, Tensor Flow, Kafka, and Druid, Cloudian addresses storage needs across the entire data lifecycle. Cloudian solutions are available from AWS Marketplace, HPE GreenLake, Lenovo, and from Cloudian reseller partners worldwide.
About Cloudian
Cloudian is the leading provider of secure S3-compatible AI data lake platforms. Offering military-grade security, infinite scalability, and seamless cloud integration, Cloudian’s AI-ready data lake optimizes data access, meets data sovereignty requirements, and reduces costs by consolidating information into a single, cloud-like storage platform. Cloudian’s geo-distributed architecture manages and protects object and file data at the edge, core, and cloud for both traditional and modern applications. Learn more at cloudian.com.
About Morgan Stanley Expansion Capital
Morgan Stanley Expansion Capital is the growth-focused private investment platform within Morgan Stanley Investment Management. Morgan Stanley Expansion Capital targets growth equity and credit investments within consumer, technology, healthcare, and other high-growth sectors. For over three decades, Morgan Stanley Expansion Capital has successfully pursued growth investment opportunities and has completed investments in over 200 companies, leveraging the global brand and network of Morgan Stanley.
