'More financing secured' by Storwize
15 Apr 2008
Primary data compression solutions provider Storwize has revealed it has secured some $19 million (£9.5 million) in additional funding from three venture capital firms.
The investment comes from two new sources, along with an extended involvement from Sequoia Capital, which was previously involved in series B of the company's funding.
Gal Naor, chief executive officer of Storwize, says: "It is an honour to be supported by three venture firms who have such a level of skills and proven experience.
"This third round of financing is further validation of the market recognition we are seeing to our leadership in compression solutions for primary storage."
According to Storwize, the funding is to be spent on increasing the coverage of its sales channels in order to meet with the increased demand which has arisen from global recognition of the high quality of its products.
Storwize recently noted that its primary compression products allow IT managers to "squeeze data and stretch budgets" when looking to maximise the performance of their storage networks.
For further information on Storwize, please click here..
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