Disk backup system startup Avamar Inc. announced today that it has received $13 million in fourth-round financing, continuing the springtime flow of capital to storage startups (see Avamar Raises $13M Round, VC Spigot Still Flowing, and Startups Tap VC Reserves).
The round, Avamar's largest so far, brings its total funding to around $35 million. Led by new investor Goldman Sachs & Co., the round also included all three of the companys previous investors, Benchmark Capital, CMGI Ventures, and Lightspeed Venture Partners. [Disclosure: Lightspeed Venture Partners is an investor in Light Reading Inc., which publishes Byte and Switch].
"Im thrilled that Goldman led the round," says Avamar CEO Kevin Daly, who joined the company from Quantum Corp. (NYSE: DSS) last July (see Avamar Hires Daly). "I think were very fortunate to have four very good investors... This is great validation of the company."
IDC analyst Robert Amatruda agrees -- quite enthusiastically. "This is huge!" he says. "The ability of these guys to raise financing in a very difficult environment speaks to the product they offer and the people there."
While landing any funding in todays depressed market is a feat in itself, Avamar had been hoping to rake in as much as $15 million. Daly admits the financing came in a down round, but insists that the company got the high end of what it was asking for. "We had a pretty wide range," he says. "Im very happy with the $13 million. Its enough to fund further development of the company."
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