Bristol edge computing firm secures PE investment

Bristol-based edge computing provider StorMagic has secured a significant investment from Palatine Growth Credit Fund from its maiden Growth Credit Fund.

The fund was established to support UK cyber, tech, AI and advanced manufacturing firms experiencing strong year-on-year revenue growth. 

StorMagic was founded in 2006 and helps organisations store, protect, and manage data. The business, which is based in Bristol with offices in the US and Canada, has thousands of clients around the world across many industries, including retail stores, factories, hospitals, universities, and even wind farms and oil rigs.

Dan Beer, chief executive at StorMagic, said: "StorMagic is thrilled to have Palatine’s support as the company recently entered a new market segment with the introduction of SvHCI. 

"Since Broadcom’s acquisition of VMware, edge and SMB customers have seen massive price increases and many are looking for alternative solutions to help them run on-site applications reliably while reducing costs. SvHCI is the ideal replacement solution and can save SMBs and edge customers up to 62 per cent over VMware alternatives."

Palatine's head of growth credit, Will Chappel, said: “We are thrilled to have reached the successful final close of the Growth Credit Fund and to now be supporting those UK regions which have been historically underserved in this asset class.

“StorMagic is a fantastic business with a meaningful USP and an impressive international client base. Having followed the business’ growth closely for some time, we are excited to welcome a best-in-class edge computing provider to the fund at a time when innovative, secure and fast connectivity is becoming a business-critical factor for many organisations.”

Image credit: Palatine