SANTA CLARA – September 29, 2015 – DroboTM, the award-winning maker of safe, expandable, and simple storage arrays for businesses, professionals and consumers, announced today the completion of its equity financing round led by Empire Capital Management. In addition, Drobo has secured a $4M debt facility from East West Bank.
As a growth investor, Empire Capital focuses on investing in technology companies with experienced management teams with a track record of growing revenue and profitability.
“We encouraged Drobo to take this funding because of its impressive installed base, a dynamic group of small businesses and prosumers who are extremely loyal to the brand,” Empire’s co-founder Peter Richards said. “We are very excited to see Drobo accelerate its growth as an independent company and we are confident that the new leadership team will execute on their strategy.“
“Drobo has strong fundamentals, a solid balance sheet and is a well-run company with excellent leadership,” said Alexis Coyle, Managing Director of East West Bank, “We’re excited to be partnering with them to fuel their growth.”
With nearly half a million products in the hands of consumers, creative professionals, small business, education (K12 and universities), corporations and state, local and Federal governmental users, Drobo offers a product family of award-winning storage arrays that provide an unprecedented combination of simplicity, data protection and expandability.
“This additional funding is a great vote of confidence in Drobo’s vision and direction and will provide us the financial flexibility to continue innovating and producing the world’s easiest-to-use storage devices,” said Drobo CEO, Mihir H. Shah, “We are proud to be a part of the movement in helping people preserve simplicity and order in a complex technology world. Drobo helps users save time, their most precious resource. We plan to use this investment to grow our market position and develop leading edge solutions for our customers.”
Drobo was acquired by a seasoned group of technology executives in May of 2015 and now operates from a position of profitability. Since 2013, Drobo has achieved numerous milestones including a technology update of the original Drobo product line and dramatic performance improvements to all products.
Drobo makes award-winning storage arrays that provide an unprecedented combination of data protection, expandability and ease of use. Based upon its patented and proven BeyondRAID™ technology, Drobo delivers the best storage experience for hundreds of thousands of consumers, professionals and businesses. For more information, visit https://www.drobo.com/.