RAD Data Communications Ltd. subsidiary SanRad has closed a financing round, in which it raised $10 million. According to data published by IVC Online, the latest round was led by Foundation Capital, the Rad Group, Sequoia Capital, and the Zisapel brothers. SanRad has raised $26 million to date.
This is SanRad’s third financing round since it was founded in 2000. The company develops IP-based communications solutions for storage area networks (SAN). The company’s V-Switch product line enables high-speed connectivity to SANs as well as other SAN services through an Ethernet enterprise network and iSCSI protocol.
In recent years, SanRad has won a number of prestigious international awards. In April 2005 it was included in the “Red Herring” Top 100 European companies list, which is given to top private companies whose products and services define the future of business innovation. In November 2005, it was named a winner in the InfoWorld 100 awards, and was chosen as one of only eight companies that demonstrate the most creative use of cutting-edge technologies to further business goals.
SanRad currently employs 70 people, of whom 45 are located at its R&D center and EMEA regional sales office in Israel. The company’s CEO is Shaul Gal-Oz, and its Israel office is managed by VP R&D Gadi Erlich. The company made the news two years ago, during the visit to Israel of California governor Arnold Schwarzenegger, who said that SanRad would relocate its headquarters to California, creating a further 300 jobs. The company is developing its sales network and now has 500 customers across the globe.
Published by Globes [online], Israel business news - www.globes.co.il - on July 3, 2006
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