RackTop Systems, a data security and storage firm based in Fulton, announced Tuesday that it has raised $15 million in its first venture capital funding round.
The funding round was led by Razor’s Edge Ventures of Reston, Va., and Grotech Ventures of Cockeysville and included investments from the Maryland Venture Fund, Blu Venture Investors and Gula Tech Adventures.
RackTop said the Series A funding round will enable to accelerate product development and expand sales efforts.
Founded in 2010 by veterans of the U.S. intelligence community, RackTop provides secure storage attached to a network. Its technology is used to manage more than 50 petabytes of customer data in such industries as media, advertising and entertainment; financial services; health care; life sciences and the government.
“It is costly and complex for enterprises to meet the rising challenges of both storing and managing large data volumes, while at the same time addressing expanding compliance requirements and attempting to protect data from persistent cyber threats,” said Eric Bednash, co-founder and CEO of RackTop Systems, in a statement. “Our product fuses data storage with cyber security to create a unique platform that solves these challenges inherently without added complexity or cost beyond that of legacy storage products alone.”
The market for secure network-attached storage is projected to grow to $45.2 billion by 2023, according to a 2017 MarketsandMarkets report.
“RackTop represents the next generation of cyber solutions, and we’re impressed with RackTop’s track record and its innovative spirit in solving the most pressing storage and security problems for enterprises,” said Ron Gula, principal of Gula Tech Adventures, the early stage investment firm of Ron Gula, co-founder and former CEO of Tenable, and his wife Cyndi Gula, a former Tenable executive, in a statement.
“We invest in great management teams with differentiated products that solve large, difficult problems across both national security and the commercial enterprise markets,” said Jack Kerrigan, co-founder and managing director of Razor’s Edge Ventures. “We are extremely excited to invest in RackTop to accelerate their growth and continued product development.”