MinIO Becomes Unicorn After $103M Series B Round Funding


MinIO Inc, creators of the MinIO multi-cloud object storage suite, announced that it has raised $103 million in Series B funding at a $1 billion valuation. Intel Capital led the investment with new investor SoftBank Vision Fund 2 and existing investors Dell Capital, General Catalyst and Nexus Venture Partners.

This financing brings MinIO’s total funding raised to $126 million. The company becomes the fourth unicorn of the year. The company is headquartered in Palo Alto, and has dozens of customers across India, Asia and the Middle East.

MinIO is an object storage provider for multi-cloud users. It has established itself as the AWS S3 compatible, multi-cloud object storage leader. Available on every cloud, MinIO has more than 1.2 million active deployments on the public cloud, private cloud and edge. This includes public cloud deployments on Google Kubernetes Engine, Amazon’s Elastic Kubernetes Service, Azure Kubernetes Service, private cloud deployments on Red Hat OpenShift, VMware Tanzu, HPE Ezmeral, SUSE Rancher, as well as millions of colocation and edge deployments.

“With our $103 million Series B, MinIO’s valuation tops $1 billion and represents a concrete, meaningful validation of our strategy to build the world’s leading object-store. We have achieved this with a remarkable group of around forty people. It is a textbook example of how a small, disciplined, motivated and talented team can achieve amazing results,” wrote Anand Babu Periasamy, co-founder in his blog announcing the deal.

He added: “Our frictionless open-source approach has delivered developer mindshare. We see that in the data – 10,000+ enterprises running MinIO in the last 30 days. A Slack channel with more than 16K members. Massive enterprise adoption.”

“MinIO’s ability to solve the multi-cloud storage challenges faced by developers is impressive, and we are delighted to continue supporting their mission through investment from Intel Capital,” said Greg Lavender, Chief Technology Officer; Senior Vice President, General Manager, Software and Advanced Technology Group for Intel Corporation.

Minot continues to extend its feature leadership with click to deploy capabilities on AWS, Google Cloud and Microsoft Azure.

“High performance, multi-cloud object storage represents a foundational component in the modern software stack. We believe that MinIO has established itself as the leader for a diverse set of workloads from AI/ML, advanced analytics, databases and modern applications,” said Vikas Parekh, Managing Partner at SoftBank Investment Advisers.

MinIO growth metrics include an ARR growth of over 201 per cent; the customer count grew by over 208 per cent in 2021 alone, said the company.

“Object storage has been the primary storage of the public cloud and, with the adoption of Kubernetes, has become the primary storage for the private cloud and edge as well,” said Jishnu Bhattacharjee, Managing Director of Nexus Venture Partners.

MinIO COO and Co-founder Garima Kapoor noted, “With Indian organizations becoming cloud-first, it represents an important market for MinIO to focus on and invest in as we enter into the company’s next phase of growth and expansion.”