Startup Nishan Systems Inc. has secured a $10 million line of credit to ramp up production of its IP storage switch (see Nishan Gets Credit).
Nishan is among the earliest of vendors to create a switch that uses IP as an alternative to Fibre Channel for storage networks (see The Fall of Fibre Channel and Storage Networking: The Basics, page 10).
The debt financing, from Western Technology Investment and Venture Banking Group, must be paid off monthly over the next three years. The new input brings the total raised by the company to almost $100 million.
Nishans valuation remains unchanged at $350 million, sources say, although the recent financers took out a small number of warrants. Still, it's difficult to tell exactly how much the company may be worth in actuality: While it's been shipping product for a few months now (see Nishan Ships FC/IP Switch), the market collapse theoretically should have reduced the company's valuation.
Nishan isn't arguing. "This funding takes us well into 2003, says Randy Fardal, VP of marketing for Nishan. It is also an indication that we are on the right track, if they believe in us at a time when other companies are finding it hard to raise funds."
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