February 06, 2006
Incipient Inc., a provider of intelligent switch storage software, has raised $24 million in Series D financing, bringing the total
equity capital raised to $79 million. Leading this round is new
investor QuestMark Partners, along with participation from Wasatch
Advisors. Incipient's major existing investors Globespan Capital
Partners, GrandBanks Capital, Greylock, HLM Venture Partners and Sigma
Partners also participated in this round of financing. The Series D
capital is earmarked for expansion of marketing and sales efforts in
support of the Incipient Network Storage Platform (NSP) software suite.
"Our conversations with IT managers at large and mid-sized companies
make it clear that storage virtualization is a technology that will
receive close scrutiny this year," said Richard Villars, vice president
of Storage Systems research at IDC. "Solutions like Incipient's that
use storage virtualization to enable easy migration and replication of
data across tiers of heterogeneous storage will play a key role in
helping companies deal with growing data and information management
"This financing is yet another powerful endorsement from the
investment community of Incipient's visionary approach to creating
intelligent storage networks," said Ric Calvillo, Incipient co-founder
and chief executive officer. "As the market embraces storage
virtualization, we anticipate Incipient NSP will become the de facto
standard platform for delivering a common set of services across
heterogeneous storage environments."
"Emerging technologies continue to be a strategic area of focus for
QuestMark Partners and we see the promise of the storage sector of the
high- tech market," said Michael Leidesdorff, principal at QuestMark
Partners. "The predicted increase in IT storage spending and the
storage virtualization market poses great opportunities for Incipient
as intelligent storage plays an integral role in the evolution of SAN
environments. Incipient is at the forefront with its intelligent
storage platform and related partnerships and is well-positioned to
assume market leadership."
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