Pure Storage

Pure Storage, which renamed itself Everpure in early 2026 and now trades on the NYSE as P, sells all-flash storage arrays and data management software and services to enterprises. John Colgrove and John Hayes founded it in October 2009 as OS76, Inc., and it changed its name to Pure Storage in January 2010. Mike Speiser of Sutter Hill Ventures served on its board, and Charles Giancarlo is CEO. At the IPO the company was based in Mountain View; it is now headquartered in Santa Clara, California.

The company raised more than $470 million before its IPO. Early rounds of about $5 million, $20 million and $30 million (August 2011) were followed by a Series D of $39.9 million in August 2012. It then sold $171.6 million of Series E preferred stock in tranches from August 2013 to November 2014, and $225 million of Series F preferred stock in April 2014 at $15.7259 per share, a round that valued the company at about $3 billion. The CIA's venture arm In-Q-Tel invested in May 2013. According to the IPO prospectus, Sutter Hill Ventures put $86.4 million into the Series D through F rounds, Greylock $54.2 million, Index Ventures $46.0 million and Redpoint Ventures $22.3 million.

Pure Storage listed on the New York Stock Exchange as PSTG in October 2015, selling 25 million shares at $17.00 for $425 million. The stock closed below its offering price on its first day. The prospectus showed revenue rising from $6.1 million in fiscal 2013 to $42.7 million in fiscal 2014 and $174.5 million in fiscal 2015. Before the offering, Sutter Hill held 27.4% of the company, Greylock 17.3% and Redpoint 5.7%. Revenue passed $1 billion in fiscal 2018 and reached $3.663 billion in fiscal 2026. In 2020 the company bought Kubernetes storage provider Portworx for $370 million. The company is in the S&P 500 and rebranded as Everpure to reflect its move into broader data management.

Pure Storage is a hardware company that Silicon Valley venture firms funded through to IPO. Sutter Hill incubated it and kept investing round after round, ending with more than a quarter of the company. Greylock and Index joined for the large growth rounds. The company went public about six years after founding, with revenue still compounding several times a year, and a flat first trading day did not stop it from becoming an S&P 500 company with revenue many times its IPO-year level.