RackTop Systems Secures $15 Million in Series A Funding to Accelerate the Growth of Its CyberConverged Data Storage and Security Platform

Leading provider of a secure, high-performance Network-Attached
Storage (NAS) platform continues aggressive growth, helping federal and
commercial organizations solve their most difficult data, cyber security
and compliance challenges

FULTON, Md.–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/compliance?src=hash” target=”_blank”gt;#compliancelt;/agt;–RackTop
Systems
, the pioneer of CyberConvergedTM data security, a
new market that fuses data storage with advanced security and compliance
into a single platform, today announced it has closed $15 million in
Series A funding. The financing was led by Razor’s
Edge Ventures
and Grotech
Ventures
with participation from Maryland
Venture Fund
, Blu
Venture Investors
and Gula
Tech Adventures
.

The Series A funding round will enable RackTop to accelerate near-term
sales channel and product development expansion. RackTop’s secure,
high-performance Network-Attached Storage (NAS) platform with embedded
access controls, encryption and compliance has been proven to optimize
business operations, improve productivity, reduce cost and strengthen
security. RackTop’s technology has been deployed worldwide to manage
more than 50 petabytes of customer data in a variety of industries
including: the public sector; media, advertising and entertainment;
financial services; health care; and life sciences.

“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. “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 NAS market is expected to be worth $45.21 billion by 2023, growing
at a compound annual growth rate (CAGR) of 20.1 percent from 2017 to
2023, according to MarketsandMarkets. Cyber threats are projected to
cost $2 trillion globally in 2019, and the global cloud security market
is projected to grow substantially through 2025 due to the growing use
of cloud services for critical data storage, according to Research and
Markets. In addition, the cost of achieving regulatory security
compliance averages $3.5 million per enterprise each year, according to
Ponemon Institute. As data growth continues to explode, and the
complexity and cost to store and manage data are becoming increasingly
compounded both by prevalent cyber threats and the intense scrutiny of
regulatory compliance, RackTop’s unique, all-in-one platform helps both
government and commercial organizations solve their most difficult data
management, compliance and cyber security challenges.

“The RackTop team has a unique perspective and clear vision on how the
Security and Data Storage markets are growing and evolving, and their
CyberConverged™ platform addresses major data, security, and compliance
challenges within the modern enterprise,” said Jack Kerrigan, co-founder
and managing director of Razor’s Edge Ventures. “We invest in great
management teams with differentiated products that solve large,
difficult problems across both national security and the commercial
enterprise markets. We are extremely excited to invest in RackTop to
accelerate their growth and continued product development.”

RackTop’s flagship product, BrickStor,
is an all-in-one data storage and management platform that protects
sensitive data from cyber attacks while meeting internal and regulatory
compliance requirements. With an intuitive, easy-to-use interface,
BrickStor is simple to manage and easy to scale. In 2018, BrickStor
received numerous industry awards, including: the Software and Industry
Information Association’s CODiE Award for Best
Storage and Backup Solution
; two Cyber Defense Magazine’s InfoSec
Awards for Storage
& Archiving: Most Innovative
and Data
Center Security: Next Gen
; and a Cybersecurity Breakthrough Award
for Platform-as-a-Service
Security Solution of the Year
.

“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 and
co-founder and former CEO of Tenable Network Security, Inc. “With its
deep roots serving the DoD and U.S. intelligence community, RackTop has
a proven track record of developing innovative and market-leading
security technologies for easily dealing with emerging cyber threats.”

About RackTop Systems:

RackTop Systems is the pioneer of CyberConvergedTM data
security, a new market that fuses data storage with advanced security
and compliance into a single platform. Its high-performance
Network-Attached Storage (NAS) platform with embedded security,
compliance and encryption empowers both government and commercial
organizations by protecting data where it resides without the cost,
complexity and security vulnerabilities of traditional bolt-on software
solutions. Headquartered in Fulton, Md., RackTop was founded in 2010 by
veterans of the U.S. intelligence community who have been solving the
most complex data and security problems for more than two decades.
RackTop’s technology has been deployed at numerous organizations in a
variety of industries worldwide, including government/DoD/public sector,
media/advertising and entertainment, financial services, health care,
higher education and life sciences. For more information, visit www.racktopsystems.com
and follow on Twitter @RackTop.

Contacts

Michael Tebo
Gabriel Marketing Group (for RackTop Systems)
Phone:
571-835-8775
Email: michaelt@gabrielmarketing.com

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