Xiotech Corp., an Eden Prairie, Minn.-based provider of data storage and business continuity solutions, has raised $40 million in Series B-1 funding. Steve Luczo, chairman of the Seagate Technology board, led the deal, and was joined by return backers like Oak Investment Partners. The company has now raised over $160 million in total VC funding since 1997, including a 2002 recap led by Oak.
Xiotech Corporation, a leading provider of data storage and business continuity solutions, announced today that Steve Luczo, chairman of the board for Seagate Technology, was elected to Xiotech’s board of directors. Xiotech also announced it has completed an investment round, led by Luczo, in excess of $40 million.
Xiotech recently announced that it had acquired Seagate’s Advanced Storage Architecture (ASA) group. Under the agreement Xiotech acquired certain assets of the ASA business and acquired a license to the associated technology, which Xiotech plans to incorporate into its existing storage solutions. Xiotech will use the new funds to bring these new technologies from Seagate to market.
“This is an exciting time to be part of Xiotech, as we’re really well positioned to help the storage industry rethink assumptions at a truly fundamental level,” said Xiotech President and CEO Casey Powell. “This investment round and the addition of Steve Luczo to our board are important steps to fully capitalize on the acquired ASA technology.”
Xiotech is a leading provider of data storage and business continuity solutions to midsized organizations. Xiotech’s easy-to-use, reliable and adaptable data storage and data protection solutions minimize risk, maximize value and provide organizations with a low total cost of ownership. Xiotech’s Magnitude� line of midrange storage solutions includes scalable and easy-to-use Fibre Channel and iSCSI-based systems and a comprehensive set of data protection solutions. Xiotech is based in Eden Prairie, Minn., and maintains major facilities in Colorado Springs, Colo.; Norwich, Ct.; Vancouver, Wash.; and Hyderabad, India. For more information, visit www.xiotech.com, email email@example.com or call toll free 1.866.472.6764.