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Igneous Systems garners $23.6 mln Series A funds

Igneous Systems said Wednesday that it raised $23.6 million in Series A financing. New Enterprise Associates led the round with participation from Madrona Venture Group, Redpoint Ventures and Isilon Systems co-founder, Sujal Patel. According to the firm, the capital will be used for product development and to expand its engineering and leadership teams. Concurrent with the funding, Ron Bernal, venture partner at NEA, has been added to Igneous Systems’ board of directors. Based in Seattle, Igneous System is “reimagining the future of rapidly-expanding data center infrastructures.”

VCs Are Interested in Stuff Besides Social Media (Really)

(Reuters) – Mobile, biotech and e-commerce all have one thing in common: they are among the next wave of startups that have caught the eye of venture capital.

In the past year, social media companies such as Facebook, Zynga, Groupon and LinkedIn have stolen the limelight as the fastest growing space for venture funds.

Still, they make up just one area, and even a minority percentage, of investment for a number of venture capital funds.

“Social media companies are leading the charge, capturing people’s fantasy,” Axel Bichara, a partner at Atlas Venture, told a panel at the Reuters Global Technology Summit Venture Capital in New York on Wednesday. “If you look at venture capital companies as a whole, it’s a really broad and deep

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