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Video storage solutions provider Pivot3 has been selected as a top 50 venture-backed company by the Wall Street Journal in its "The Next Big Thing" list the company announced Tuesday.

To be eligible for the Next Big Thing annual ranking, a company must have raised an equity round of financing in the last three years and have a valuation of $1 billion or less.

According to a statement, the ranking is determined through an analysis of the track record of the company's founders, management, investors, and board members. The amount of capital raised and the percentage change in the company’s valuation are also taken into consideration.

"This recognition demonstrates the market potential of Pivot3’s scale-out application platform innovation, which is poised to reverse the 20-year trend of separating servers and storage," said Pivot3 CEO Bob Fernander. "Virtualization creates the unique opportunity to re-join server and storage resources in a single scale-out platform to simplify virtual deployments while saving power, cost and rack space."