Based on a $2.5 million seed round, Peaxy Inc., a software-based data storage and management startup, has begun Series A discussions with a select group of accredited investors. Notable technologist and Silicon Valley visionary, Federico Faggin, is among the top investors and serves as chairman of the board.

"Peaxy’s flexible architecture delivers greater operational efficiency to create a powerful total-cost-of-ownership equation. Our all-software HyperfilerTM is hardware-agnostic and simplifies storage and management of data, ranging from single-terabyte to multi-petabyte," said CEO Manuel Terranova, a former senior vice president at General Electric.

Peaxy has assembled a world-class 15-member team with deep-domain expertise in large-scale file systems and product commercialization. An early version of the technology is being evaluated by a select group of Fortune-100 companies. The product is planned for release late 2013. It targets mid-tier and enterprise-class customers, as well as external cloud providers.