- Tintri sells 8.5 million shares at $7 each.
- The lowered IPO pricing gave Tintri an initial market cap of about $216 million.
- The Mountain View-based virtualized storage company raised about $59.5 million.
- Tintri’s biggest stakeholders are New Enterprise Associates.
Tintri, Inc. is a division of DDN based in Santa Clara, California. Tintri provides products designed for Enterprise Cloud, virtual machines (VMs), and containers. The core product line is the VMstore, a storage system, and software designed to simplify management in the data centers and cloud environments. Tintri completed an initial public offering (IPO) on June 30, 2017, and traded on NASDAQ under the symbol TNTR.
Kieran Harty founded Tintri in 2007. Harty led development at VMware as their executive vice president of engineering from 1999 to 2006. A native of Ireland, Harty had graduate degrees from Trinity College, Dublin, and Stanford University. The initial objective for the company was solving the mismatch between conventional storage and the demands of applications in virtual machine (VM) environments, which causes complex configuration and management as well as over-provisioning.
Over time, the company has expanded its focus to also address the cloud needs of enterprise customers. Tintri means “lightning” in the Gaelic language.
Tintri Raises $59.5 million in funds
It has raised a new $25 million round of funding for its storage appliances designed for virtual environments. The round was led by Menlo Ventures and joined by existing investors NEA and Lightspeed Venture Partners. Tintri has now raised more than $60 million since its launch in March of last year.
Virtualization comes with a host of issues. Companies face considerable complexities in keeping apps running at high performance. But as the virtual machines on the servers take on more load, the apps slow down. More storage is often added to ease the problem. Storage then becomes a critical factor for performance but at a considerable cost. The disk drives on traditional storage can be slow. Bottlenecks form in the I/O.
Tintri’s biggest stakeholders are New Enterprise Associates
Tintri’s biggest stakeholders are New Enterprise Associates, with a 23.3 percent stake. Silver Lake Kraftwerk (21 percent), Insight Venture Partners (20.7 percent), and Lightspeed Venture Partners (14.8 percent). The sale to public investors happened 24 hours later than planned and priced well below the original target range of $10.50 to $12.50.
Tintri’s shares closed their first day on Nasdaq at $7.27, up nearly 4 percent after they rose as high as $7.75 in earlier trading with the symbol of TNTR. According to private share market Equity Zen, investors in the Series C round led by New Enterprise Associates in 2011 paid $13.77 a share. The Series E round led by Insight Venture Partners in 2014 was done at $43.48 and the Series F round led by Silver Lake Kraftwerk in 2015 was done at $44.4