Travis Johnston | May 22nd, 2019
We are excited to announce that we have finalized our Seed Funding round and raised $8 million in total funding. Refinery Ventures led the round and was accompanied with investments by Pavey Investments and Capital One Partners.
Folio's Founder & Chief Innovation Officer, Dr. Ken Singer, spoke to the reason for founding Folio & raising capital: "We founded Folio Photonics to address a rapidly growing problem – archival data storage."
Steve Santamaria, Folio's CEO, contributed his unique view of the market opportunity as well: "Data is one of the most valuable and competitive assets companies retain, and existing solutions such as HDDs and magnetic tape cannot economically meet the demands of today's data-driven environment. Companies need a high-capacity solution that provides quick access to data at a low-cost. We have a deep understanding of today's data requirements and have developed a solution to meet customer needs."
Read the full release here.