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yottayotta.com
YottaYotta
Secures $10 Million First Round From Super Angels, Leading VC
Montreal, Edmonton, and Seattle, March 6, 2000 ? YottaYotta, Inc. (www.YottaYotta.com), the Yottabyte NetStorage Company?, has closed an impressive first round of financing for $10 million. The investment comes from TechnoCap, Montreal's leading net‑focused venture fund; two technology angels in Seattle, Barton H. Clennon and William G. Ballantine; and two other technology angels, St‚phan Lepage, of Quebec City, and Luc GiguŠre, of London, England. Lepage and GiguŠre are co-founders of telweb, the webpayphone company recently acquired by Schlumberger (NYSE: SLB). YottaYotta? employees, including all of the senior development team, also invested in the first round.
The funding will finance the development and launch of the YottaYotta? NetStorage? Cube. YottaYotta has patented breakthrough architecture for networked storage that eliminates storage controller bottlenecks for massive scalability storage for wide area networks (WANs), for telecommunications carriers, and local area network (LANs), for distributed storage for the enterprise. Rapidly increasing use of bandwidth for applications such as voice and video on the net will drive demand for NetStorage to unprecedented levels in coming years.
Steve Mattioli, president, CEO and cofounder of YottaYotta, said: ?These savvy technology investors recognize that the demand for Yottabyte NetStorage is rapidly approaching. They have determined that YottaYotta delivers significant technical and performance improvements in the short term, and that it offers the foundation for massive scalability required for the NetStorage core.?
YottaYotta brings together the management and engineering teams of: Seek [Storage] Systems, a Washington-based technology-leader in high performance storage; Myrias Computer Technologies, an Edmonton, Alberta technology-leader in parallel super computers; and TechnoCap, a leader in building companies in massively scalable networking. TechnoCap, Montreal?s leading net-focused venture fund also cofounded noted telecom networking companies such as VIPswitch, the terabit MAN company and Hyperchip, the petabit routing company.
The name YottaYotta comes from the term yottabyte, which is one trillion terabytes of data. Bear, Stearns & Company projects the market for internal and external RAID storage alone to be $40 billion by 2002.
About YottaYotta
YottaYotta, Inc. (www.YottaYotta.com) is the Yottabyte NetStorage Company. Founded in 1999, YottaYotta is a privately held company funded by TechnoCap, Montreal's leading net‑focused venture fund, and leading technology angels. The company?s head office is in Montreal with R&D in Edmonton, Alberta and business development in Kirkland, Washington. All financial figures included in this press release are cited in Canadian dollars. |
