Install base doubles YoY as organizations seek SAN capabilities in the cloud
Lightbits, the innovation leader in simple, efficient, and agile data platform solutions for any cloud, announced that it ended 2022 by increasing its average deal size and doubling its deal pipeline and install base. The company’s growth is fueled by enterprise organizations shifting to a cloud-first strategy, which according to Fortune Business Insights is projected to grow from $480B in 2022 to $1.7T by 2029, at a CAGR of 19.9%.1
Lightbits growth continues amid challenging economic climate as enterprise organizations shifting to cloud-first and seeking SAN capabilities in the cloud.
Despite the challenging economic climate, the organization has increased its average deal size by 1.7X and grown its install base by 2.2X year-over-year for 2022. Lightbits also achieved a 2.2X increase in pipeline growth signaling that the company is well-positioned for continued success as enterprise organizations seek to move their SAN-based workloads to the cloud. In addition to these successes, customer confidence is strong, with existing customers re-purchases 2.6X higher than the previous purchase.
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The company’s success is derived from the innovative data platform that fills a critical gap in cloud storage features and capabilities. The unique combination of software-defined, disaggregated, and clustered NVMe/TCP architecture with Intelligent Flash Management and built-in enterprise data services satisfy the growing demand for an efficient, simple, and agile data platform that enables cloud transformation. Lightbits is easy to consume on any cloud and is compatible with VMware, Kubernetes, and OpenStack orchestration environments. Zenlayer, an emerging CloudEdge provider, implemented Lightbits last year for its VM and container-based edge cloud, solving their need for a cost-efficient, high-performance, low latency, multi-tenant data platform with the flexibility to adapt to their changing infrastructure architecture.
“Lightbits is thriving amidst a challenging economic climate because we satisfy the need we are hearing from customers who want to migrate their SAN-based critical workloads to the cloud, but don’t want to comprise on application performance,” said Eran Kirzner, Co-founder and CEO of Lightbits. “We offer high-performance, consistent low latency, and predictable low cost that customers can’t get with native cloud solutions. If enterprise organizations want a blazingly fast, complete data platform for their database and analytics workloads that spans public and private clouds they come to Lightbits.”
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Funding growth
There have been several investments made in Lightbits during 2022 bringing the company’s total funds raised since its founding in 2016 to more than $110 million, including a mid-year investment of $42 million in growth capital in a funding round led by Atreides Management.
Product innovation
A golden thread running through 2022 for Lightbits was its ongoing product innovation reflected by several leading tech organizations making its solution available on their marketplaces:
- In June 2022 Lightbits was released on Amazon Web Services Marketplace (AWS) to deliver cloud-native, NVMe-powered solutions that enhance AWS customers’ operational efficiency and performance.
- In April 2022, the Lightbits Cloud Data Platform was made available on VMware Marketplace, a one-stop shop for VMware-validated and c******** ecosystem solutions.
- In March 2022, support for Lightbits was included as part of OpenStack Yoga. Lightbits is also committed to supporting open cloud environments by ensuring interoperability and availability through all OpenStack future releases.
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