ACTONA TECHNOLOGIES ATTRACTS $10 MILLION IN SERIES C FUNDING; TOP VENTURE INVESTORS ENDORSE NEW CLASS OF ENTERPRISE NETWORKED STORAGE SOLUTIONS
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Investments by Mayfield, Sequoia, Evergreen, and Fantine Validate Power of Actona's Advanced Wide Area File Services
LOS GATOS, CA. – March 8, 2004 - Actona Technologies, Inc., a leader of wide area file services solutions for enterprise storage networks, announced today that it has attracted $10 million in Series C funding, bringing its total equity investment to $23 million. This most recent round of funding was led by Mayfield and included participation from current investors Sequoia Capital, Evergreen Partners, and the Fantine Group. The funding will be used to fuel the company's rapid expansion of its sales, marketing, customer service, and business development efforts.
Actona's mission is to enable storage centralization for the distributed enterprise. The Actona solution drives storage, management and backup out of remote offices and into the data center, significantly improving data protection and reducing the cost and complexity of managing storage. The end result is that enterprises can consolidate storage and servers, and centralize backup and disaster recovery processes, while still providing remote users LAN-like access to their data.
The Taneja Group predicts the addressable market opportunity for wide area file services will grow exponentially, reaching $2 billion annually by 2005. "As this space heats up over the next 12 months, enterprises will rethink the way they manage, protect and access their branch office data," said Arun Taneja, founder and senior analyst of the Taneja Group. "Many of the headaches associated with provisioning, consolidating, protecting, and managing file data across multiple sites can now be handled in one fell swoop."
With this announcement, Peter Levine, managing director at Mayfield, joins the Actona board of directors. "We are very excited to have Peter and his vast enterprise storage software experience join the board," said Haim Sadger, chairman of Actona and general partner of Sequoia Capital. "Mayfield's participation in this round of financing along with the continued support of the original investors, is a strong testament to the significant market opportunity and Actona's technology and product leadership."
Mr. Levine has nearly two decades of operational expertise in the enterprise software and storage market sectors. He joined Mayfield in 2002 after 12 years at Veritas Software where he held a number of executive positions, including executive vice president for strategic and platform operations. Mr. Levine serves on the board of directors for OuterBay, Mendocino Software, Zenprise, and Incipient. He recently served on the board of Consera, which was purchased by HP last month.
"Mayfield looks for opportunities to invest in companies that provide enterprise solutions that address real customer pain points with a rapid return on investment," said Peter Levine, managing director, Mayfield. "Our investment demonstrates our confidence in the size of the networked storage market opportunity and Actona's innovative approach to address the file services storage challenge for the distributed enterprise."
"Actona's progress with Fortune 1000 customers, established end-user benefits, and product technology leadership prompted investor enthusiasm for this round of financing," said Rona Segev, general partner of Evergreen Partners and Actona board member.
"These top-tier investors' endorsement further validate our vision and the immediate market opportunity that exists in delivering advanced wide area file services solutions," said Randy Ditzler, president and CEO of Actona Technologies. "Until now, organizations have found themselves managing information across multiple geographies scattered across a myriad of branch offices. The Actona solution makes it possible to consolidate and centralize the management of file services to simplify network administration, increase data protection and significantly cut costs."
About Actona
Actona Technologies, Inc., is innovating a new class of advanced wide area file services solutions that combine the benefits of centralized storage with local file services. The Actona solution enables global enterprises to consolidate geographically distributed islands of storage from remote offices into the central data center to significantly improve data availability and assurance, while significantly reducing the cost and complexity of managing storage for today's global enterprise. The company's financial foundation is built on its world-class investors that include Evergreen Partners, Fantine Group, Mayfield and Sequoia Capital.
For further information about Actona, please call (408) 399-8600, or send e-mail to info@Actona.com . |
