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ExaGrid Gets $20 Million In Expansion Funding

Friday, November 09, 2007 5:30:00 AM PDT | VentureDeal Staff

WESTBOROUGH, MA -- Storage company ExaGrid Systems, Inc. said that it has received $20 million in a new round of funding from venture capital and private equity firms.

ExaGrid offers "Self-Protecting Storage" solutions that utilize a company's existing backup application to minimize disk space to be used by comparing only changed information with previous backups.  The company says it reduces required disk space by 20 to 1.

Investors were led by Lehman Brothers, and included previous investors Highland Capital Partners and Sigma Partners.  The company said it will use the proceeds to support its sales and marketing expansion worldwide and fund it to cash positive status.

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