RealTime IT News

Storigen Stows $15M

Storigen Systems, a Lowell, Mass., maker of distributed data storage systems, has raised $15 million in second round financing, to help it ready its product and staff for a national launch.

Pilot House Ventures was lead backer. Battery Ventures, Charles River Ventures and OneLiberty Ventures also participated. In all, the privately held firm has banked $24 million in equity capital since its founding in June 2000.

"This funding validates Storigen's vision, the execution of our experienced team and the timeliness of our upcoming product launch," said Dennis Hoffman, the company's cofounder and president.

The company's technology improves the performance and economy of enterprise and service-provider networks by storing and delivering data at the edge of Internet-protocol networks, where it is closest to end-users. A key selling point is that the system does so without costly and complex infrastructure upgrades.

"Storigen will enable organizations to deliver a new generation of network services and applications, such as e-learning, digital imaging, network-based file sharing and online entertainment," said Stephen Van Beaver, a Pilot House Ventures principal.

Hoffman and his cofounders have experience at companies such as Avid Technology, Digital Equipment and SeaChange International.