Storability Raises $30 Million V.C.
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Storability has raised $30 million in second-round financing to help bring to market new products, signalling that investors believe data storage will be a high-growth area despite the current IT spending slide.
Technology Partners and Sprout Group were lead backers. Lee Munder Venture Partners and repeat funders Battery Ventures, Madison Dearborn and Lightspeed Venture Partners also particpated.
"This is a major vote of confidence for our vision and implementation of automated storage management," said Matthew Westover, Storability's CEO. "We're fortunate to have a set of seasoned investors on board to drive our leadership position."
The windfall will help Storability roll out its automated enterprise storage system to large companies and service providers. The service is customizable can be delivered on-site, off-site, or a combination of both.
While data storage companies require significant venture capital rounds to get started, investors believe demand will rise as businesses install e-business hardware and software to increase efficiency.
Jason Yotopoulos, a Technology Partners executive who will join Storability's board of directors, said the company's technology will "address the tidal wave of data washing over enterprises."
Privately held Storability was founded in May 2000. In addition to its Bay State headquarters, it has a West Coast hub in San Jose, Calif.