IO has announced it has raised $90 million in equity from a group led by New World Ventures, a Chicago-based venture capital firm focused on technology innovations that fundamentally change markets. Existing IO investors also participated in the funding.
"From the moment we saw this product, we knew it would revolutionize the industry," said Chris Girgenti, New World Ventures managing partner and newly appointed member of IO's Board of Directors. Girgenti added: "Designed from the ground up, IO delivers world class data center infrastructure capacity at substantially lower capital cost, with significantly shorter lead times, while providing industry leading energy efficiency. Led by a terrific and deep team, IO is set to make some big waves." The New World Ventures investment of $50 million is the largest single transaction in the fund's 15-year history.
IO delivers Data Center 2.0 technology to the world's largest enterprises, governments and service providers. Data Center 2.0 solutions enable organizations to shift from real estate-embedded infrastructure to efficient, sustainable, and software-driven modular installations. IO's Data Center 2.0 products and services allow companies to implement only the data center capacity they need to support business requirements, while also providing the ability to add more capacity quickly without IT downtime. IO's integrated hardware and software technology enables significant operating and capital expense savings and supports energy conservation initiatives.
"We are very excited to have New World Ventures as an investor and partner," said George D. Slessman, IO chief executive officer. "With this round of capital investment, we will expand our sales footprint globally and position IO as the global leader in Data Center 2.0 technology."