Denis K., A guess buying the dips was a good idea?
Wednesday January 17, 9:50 am Eastern Time Press Release TrueSAN Networks Secures $30M in Second Round Funding SAN JOSE, Calif.--(BUSINESS WIRE)--Jan. 17, 2001--TrueSAN Networks, Inc., whose leading-edge technology is poised to revolutionize network infrastructure with more scalable, more manageable, and more flexible storage solutions, today announced the completion of a $30M second round of funding. Woodside Fund led the financing round, with additional investments from Merrill Lynch, QLogic Corporation, JT Venture Partners, Credit Suisse First Boston, Spring Creek Partners, and Finisar Corporation. TrueSAN will use the funding to expand its sales, marketing, and recruiting efforts as well as accelerate engineering initiatives that will enable the company to take a dominant position in open storage infrastructure solutions.
``TrueSAN has the people, vision and technology to deliver open storage solutions that will fundamentally change the storage landscape,'' stated Vincent M. Occhipinti, co-founder and managing director at Woodside Fund. ``TrueSAN's aggressive market strategy, coupled with strong industry and enterprise confirmation, indicated to us that TrueSAN will secure a leadership position in the storage networking arena.''
TrueSAN's next-generation storage solutions are designed to meet the unrelenting and unpredictable demand to store endless amounts of data. TrueSAN's core technology is designed to overcome several major limitations of existing storage solutions:
Scalability: TrueSAN's modular and massively scalable architecture, known as MetaFabric, enables companies to store and protect a virtually unlimited amount of information, within a common and centralized storage framework. Unity: TrueSAN unites network-attached storage (NAS) with storage-area networks (SAN), enabling enterprises to realize the benefits of seamless information sharing and collaboration. Versatility: TrueSAN delivers unparalleled information accessibility by seamlessly linking storage networks with optical networks and IP networks, eliminating islands of storage with a global storage infrastructure. Management: With advanced software, TrueSAN has implemented powerful yet easy-to-use storage management designed to dramatically simplify and lower the costs of storage implementation, administration, and protection. ``By providing unmatched scalability and virtualization, we believe TrueSAN's next generation architecture could revolutionize the storage landscape,'' stated Amit Chopra, Enterprise Storage and Communications Analyst at Credit Suisse First Boston.
Shaji John, managing partner of JT Venture Partners, said, ``The exponential growth in storage demand is driving the need for new storage architectures that can scale-on-demand with the high rate of storage resource growth. TrueSAN is addressing this need head-on and is well positioned to be a leader in next generation storage solutions that will provide unprecedented performance, scalability, and versatility to the storage infrastructure. JT Ventures is excited to be partnering with such a dynamic company.''
``We are honored by the tremendous show of support by this impressive list of investment partners,'' stated Thomas Isakovich, Founder, President and CEO of TrueSAN. ``This validation will help us continue to recruit top engineering talent, build a world-class direct sales force, and strengthen our brand presence in enterprise and service provider accounts. Combined with the knowledge and experience of our talented team, we now have the tools necessary to execute on our vision for more scalable, more manageable, and more cost-effective storage networking solutions.''
About TrueSAN Networks
TrueSAN Networks, Inc., headquartered in San Jose, California, delivers enterprise storage networking systems, software, and services for building scalable, intelligent, and universally accessible storage infrastructures. Using unique storage architecture and software technology, TrueSAN solutions overcome the limitations of existing storage systems and deliver unparalleled scalability, versatility, and ease of use with unbeatable price/performance. TrueSAN solutions provide Internet businesses, service providers, multimedia firms, and growing enterprises with an innovative way to better leverage invaluable information assets.
About Woodside Fund
Founded in 1983, Woodside Fund has one of the longest and strongest track records of success in early stage venture capital investing. All Woodside Funds have performed in the upper quartile of the industry for venture capital partnerships formed in their respective years. Woodside Fund's latest partnership, Woodside Fund IV, which had its final close in April 2000, invests between $5 and $10 million in early stage ventures in Internet Protocol infrastructure and e-Commerce infrastructure, located in Northern California and the West Coast. The Fund serves as the lead or co-lead investor in most of its portfolio companies.
PS They have 80 job openings listed. Lots of them in sales. They have a plan. |