Jul 17, 2020

Why Qumulo has become the latest data unicorn

Data
Cloud
hybrid cloud
Startup
William Smith
2 min
Qumulo is a Seattle, Washington-based firm offering a scalable data platform for enterprises utilising multi-cloud environments
Qumulo is a Seattle, Washington-based firm offering a scalable data platform for enterprises utilising multi-cloud environments...

Qumulo is a Seattle, Washington-based firm offering a scalable data platform for enterprises utilising multi-cloud environments.

Digital transformation can run into roadblocks when it comes to managing files, especially when the introduction of cloud systems fractures existing storage systems. QUmulo’s file management system claims to make the management of such file data simpler, with features such as collaboration, real-time visibility and scalability.

Since its foundation in 2012, the company has raised around $350mn across seven funding rounds. Its latest $125mn Series E, announced yesterday, pushed it to tech unicorn status, meaning a startup valued at over $1bn. The round was led by funds managed by BlackRock, with participation from Highland Capital Partners, Madrona Venture Group, Kleiner Perkins and others.

In a press release, Bill Richter, CEO of Qumulo, said: “This latest investment is a great recognition of our category leadership and unique capabilities to help customers create, manage, and gain value from their file data at scale. It will help Qumulo accelerate our ability to serve the world’s leading enterprises with the freedom, control and performance that organizations need now more than ever.

“We see rapidly increasing demand driven from content creators which span artists creating Hollywood blockbusters, to researchers solving global pandemics, to engineers putting rockets into space. Qumulo today is trusted to manage more than 150 billion mission-critical files that are at the core of innovation and progress.”

Qumulo said it would use the funding to scale globally, as well as accelerate innovation.

“We continue to be impressed by Qumulo’s ability to innovate, execute and accelerate its business to meet some of the world’s toughest enterprise requirements,” said Samir Menon, Director in BlackRock Private Equity Partners. “Qumulo’s disruptive model has defined an entirely new category that tackles the formidable challenge of creating and managing digital content at a scale and performance that is only getting bigger. This investment allows our clients to benefit from the technologic trends driving increasing digitization and cloud-based collaboration across the business landscape.”

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Jul 30, 2021

IoT market expected to grow due to increase in IoT use cases

IoT
Internet of Things
market growth
Catherine Gray
3 min
The Internet of Things (IoT) service market is expected to grow at a rate of 24% through 2025 according to a report by The Business Research Company

An increase in the internet of things use cases is expected to drive the IoT service market, according to the IoT Services Global Market Report 2021: COVID-10 Growth and Change to 2030.

IoT has found its use in many areas over the years. It can be used in manufacturing, farming, smart cities, transportation and in many other industries and fields.

Due to the fact it can be utilised in many industries, there is an increased need for IoT services and applications. IoT services that provide support by delivering services such as consulting, data management, network management and security services, are in much higher demand.

The impact of COVID-19 on the IoT services market

According to the report, the global IoT services market is expected to grow from $139.24 billion in 2020 to $162.39 billion in 2021 at a compound annual growth rate (CAGR) of 16.6%.

In the coming years, the IoT managed services market size is expected to reach $381.16 billion in 2025 at a CAGR of 24%.

This growth lends itself to companies resuming operations and adapting to the new normal as we emerge and recover from the pandemic.

Previously, COVID-19 restrictions led to restrictive containment measures, remote working and the closure of commercial activities that resulted in operational challenges.

IoT use cases driving growth

The IoT services market consists of the sales of IoT services and their related products. IoT services are delivered by the IoT services providers. These providers provide consulting, security and analytics services as per the requirements of the business.

Major players in the IoT services industry are Cisco Systems, Cognizant, Google, Infosys and Tieto Corporation, to name a few.

An increase in IoT use cases is expected to drive the IoT service market; this is where IoT can be used to automate processes and increase productivity. As it has found many uses cases over the years, this increases the demand for IoT services and this is expected to drive growth.

Enhancing deployment workloads with edge or cloud computing

Despite the expected growth, low enterprise adoption is expected to hinder the IoT services market. Although IoT has its use in many industries, due to factors such as low awareness, enterprise adoption is low, the report states.

Only 29% of enterprises have adopted IoT solutions according to the Omida data survey.

Edge or cloud computing however is enhancing the deployment workload on IoT devices, according to the report. This solution facilitates data processing and data storage in the cloud.

Microsoft released its Azure IoT Edge recently. This fully managed service is built on Azure IoT Hub. By moving certain workloads to the edge of the network, businesses that utilise Microsoft’s IoT platform spend less time communicating with the cloud, react more quickly to local changes and operate reliably in extended offline periods. 

The IoT Services Global Market Report 2021: COVID-19 Growth and Change to 2030 is one of a series of new reports from The Business Research Company that provides an IoT services market overview

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