Data Storage Startup INFINIDAT Raises $150 Million at $1.2 Billion Valuation

INFINIDAT Inc., a secretive young data storage company, has burst into public view with $150 million in new funding and a valuation of $1.2 billion, placing it among the most valuable privately held companies in the world.

The round was led by TPG Growth and takes total funding to $230 million, which may be enough to take INFINIDAT to an initial public offering, according to head of marketing Gareth Taube.

Founder and Chief Executive Moshe Yanai “has started and sold a number of companies, but his mantra for this one is to take it public,” Mr. Taube said.

Mr. Yanai, who’s been working on storage technology in some form since the 1970s, started INFINIDAT in 2010. He is a former fellow at both EMC Corp.EMC -1.35%, where he is recognized as “one of the founders of the modern EMC,” which began specializing in storage products in the late 1980s after he joined, and International Business Machines Corp.IBM -1.22%, which acquired his previous storage company, XIV, in 2008.

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