Storage technology start-up Storewize Inc. has closed its third financing round, raising $19 million from Bessemer Venture Partners, Lehman Brothers Venture Partners, as well as existing investor Sequoia Capital. The company has now raised a total of $38 million to date.
Storewize, founded in 2004, develops real-time data compression solutions that dramatically boost storage space on network storage environments. The company has collaborations with storage giants such as NetApp (Nasdaq: NTAP), and Hewlett Packard Co. (NYSE:HPQ).
Storewize CEO Gal Naor said, "This third round of financing is further validation of the market recognition we are seeing to our leadership in compression solutions for primary storage."
Bessemer Ventures partner Adam Fisher added, "Storwize successfully addresses the changing economics of enterprise data centers, offering real solutions for enterprise customers who are faced with uncontrolled data growth coupled with soaring operational expenses in today’s unstable economic environment."
Storewize employs 60 people at its offices in San Jose and R&D center in Yahud.
Published by Globes [online], Israel business news - www.globes-online.com - on April 10, 2008
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