Exanet raises $18m

The data storage developer closed its fifth financing round.

Data storage solutions start-up Exanet Inc. has raised $18 million in its fifth financing round. Coral Ventures led the round, and was joined by US hedge fund QVT Fund LP and Exanet’s existing investors.

Sources inform ''Globes'' that the financing round was held at a company value of $100 million. The latest round brings the total amount of money raised by Exanet to $60 million.

Exanet chairman Dr. Giora Yaron, Nir Peleg and Amnon Strasser founded the company in 2000. The company has developed a solution scaling up enterprise data storage space by adding hardware irrespective of the hardware manufacturer or quantity of content to be stored.

Exanet’s investors include Evergreen Venture Partners, Intel Capital, Eitan Wertheimer’s Microdent, Hitachi subsidiary CSK Venture Capital Co. Ltd., and NIF Ventures (Nippon Investment & Finance Co.). Exanet CEO Rami Schwartz joined the company 30 months ago, after serving as VP and general manager of Symantec Israel Ltd. (formerly Precise Software Solutions, before it was acquired by Veritas, which was acquired in turn by Symantec (Nasdaq:SYMC)). The company is headquartered and has its R&D center in Ra’anana.

Published by Globes [online], Israel business news - www.globes.co.il - on June 25, 2007

© Copyright of Globes Publisher Itonut (1983) Ltd. 2007

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