Investment Supports Market Share Expansion and Accelerates Technology
Development – New Board Expertise Guides Next Phase of Growth
SUNNYVALE, Calif.–(BUSINESS WIRE)–Panasas®,
a proven leader in high-performance computing (HPC) data storage
solutions, today announced that it has received a new round of private
equity investment led by the investing arm of KEWA Financial, a U.S.
insurance company, and Dowroc Partners, a private investment fund
comprised of investment professionals with expertise in storage
technology, energy, and cloud computing. The investment will fund
ongoing technology and product development and also support expansion
into new markets, as well as the exploration of OEM relationships.
Financial terms of the agreement were not disclosed.
The funding comes roughly three months after the game-changing launch of
ActiveStor® Ultra and PanFS® 8, a new generation
of the ActiveStor storage solution, that runs on industry-standard
commodity hardware. ActiveStor Ultra is a scale-out network-attached
storage (NAS) appliance designed for extreme performance and scalability
configurations, and is ideally suited for applications that require the
processing of large and complex data sets with high precision. Common
applications include climate modeling, computer-aided engineering (CAE)
simulation and analysis, energy exploration and precision medicine, as
well as emerging workloads such as AI and autonomous driving.
PanFS 8, the intelligent parallel filesystem, has been completely
re-engineered with innovative three-tier data placement to provide
maximum performance, while retaining the plug-and-play capabilities that
give PanFS the lowest cost of operation of any parallel filesystem. Now
portable, PanFS 8 can run on any properly configured and qualified
commodity storage hardware, allowing for rapid adoption of new hardware
capabilities and an expanded portfolio of hardware options.
“We aim to invest in highly innovative engineering companies that have
reached a unique inflection point where technology and business
opportunities align to drive strong long-term growth, and we are excited
to be working with Panasas,” said Robert Cihra, a partner at Dowroc
Partners and a 20-year veteran Wall Street technology analyst. “We are
looking forward to partnering with Panasas to accelerate product
innovation and advance new market opportunities.”
With this investment, David Wiley, founder and chief executive officer
of KEWA, and Cihra have joined the Panasas Board of Directors. The
company also announced the addition of new board members Jonathan
Lister, vice president of global sales solutions at LinkedIn, a proven
sales leader and technology innovator, and Jorge Titinger, chief
executive officer and founder of Titinger Consulting. Titinger is the
former chief executive officer of SGI, a global leader in HPC, which was
acquired by Hewlett Packard Enterprise in 2016. With the appointment of
Wiley, Cihra, Lister and Titinger, the Panasas board now has seven
members; other members include Faye Pairman, president and chief
executive officer, Panasas; Elliot Carpenter, chief financial officer,
Panasas; and Andre A. Hakkak, founder and managing partner, White Oak
“The PanFS portable parallel filesystem is a game changer for the HPC
industry, opening new opportunities with customers who are frustrated
with the complexities of open source filesystem solutions,” said
Titinger. “The ease of use of PanFS combined with the performance and
cost efficiency of an integrated ActiveStor or OEM-certified deployment,
will make it a highly attractive value proposition for commercial and
traditional HPC applications alike.”
“This investment represents a strong vote of confidence from industry
experts, not only in our technology, but also in the business growth we
expect to see,” said Faye Pairman, president and chief executive officer
at Panasas. ”I am pleased to be working with our new board members who
bring a wide and impressive range of technology, market, and financial
expertise that will help guide the company as we move forward.”
For more information about Panasas and its HPC storage solutions, visit www.panasas.com.
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About KEWA Financial Inc.
KEWA Financial Inc. is a financial services company and thought leader
in the environmental surety bonding market. By combining decades of
regulatory, operational, finance, and insurance expertise, KEWA has
developed an innovative model for creating and implementing
comprehensive bonding solutions for companies in the energy industry.
For more information, visit www.kewafinancial.com.
About Dowroc Partners, LLC
Dowroc Partners is a private investment partnership comprised of
investment professionals with expertise in storage technology, cloud
computing, energy, and financial services. For more information, contact
Rob Cihra at firstname.lastname@example.org.
Panasas delivers high-performance computing (HPC) data storage solutions
that support industry and research innovation around the world. Whether
it’s building the next Dreamliner, winning a Formula One race, creating
mind-bending visual effects, curing disease, or modeling climate change,
the world’s leading companies trust Panasas to support their most
innovative HPC projects. For more information, visit www.panasas.com.
©2019 Panasas, Inc. Panasas, the Panasas logo, ActiveStor, PanFS and
DirectFlow are registered trademarks or trademarks of Panasas, Inc.
Other trademarks are the property of their respective holders.
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