Redwood City, Calif. – October 1, 2012 – Coraid Inc., a leading developer of Ethernet-based storage solutions, announced it has been named to The Wall Street Journal’s The Next Big Thing list. Now in its third year, The Next Big Thing list seeks to identify and rank the top 50 venture-backed companies across all industries that have the capital, executive experience and investor know-how to succeed. Coraid was selected from a pool of nearly 6,000 companies and ranked based on proprietary data from Dow Jones VentureSource and input from Dow Jones VentureWire’s reporters and editors. Coraid’s business has grown more than 12x in the last three years as top enterprise, government, and cloud organizations have adopted its EtherDrive® and EtherCloud™ storage platforms.
“Venture capital investors aren’t just looking for successful companies; they are looking for explosive growth,” said Alan Murray, deputy managing editor of The Wall Street Journal. “The Next Big Thing list highlights companies that have a chance of providing that kind of growth. They aren't sure bets; they are high-risk but potentially high-reward enterprises.”
“With the explosion of data worldwide and the move to on-demand computing services, traditional data storage platforms are struggling to keep up,” said Kevin Brown, CEO of Coraid. “Coraid combines the performance and resilience of enterprise storage with the flexible architecture of web-scale cloud services, enabling public and private datacenters to meet the ever growing demand for data.”
The Next Big Thing is an annual ranking published by The Wall Street Journal. To be eligible for the ranking, a company must be based in the U.S., have raised an equity round of financing in the three years ended June 30, 2012 and have a valuation of $1 billion or less. The ranking was calculated by applying a set of four financial criteria: the track records of success for both a company's founders and management; track records for the investors on its board; the amount of capital raised in the last three years; and the percentage change in a company's valuation in the last year. Dow Jones VentureWire reporters and editors also provided their perspective and expertise beyond the numbers.
Click here to view The Next Big Thing ranking.