Cisco Systems Inc.'s (Nasdaq: CSCO) investment in StoreAge Networking Technologies Ltd. is beginning to pay off. The Israeli startup has just doubled its R&D capacity, and won a major contract with German wasch machine giant Robert Bosch GmbH (see StoreAge Opens New HQ and StoreAge Bags Big Bosch Deal).
Morgan Keegan & Company Inc., Cisco, and other private investors took part in a $25 million round of investment in StoreAge in January, but little has been known about the company until now.
Partly that's because the startup has been frugal with the cash. There was no point in rushing to spend the money in this climate, says Eli Shapira, CEO of StoreAge [ed.note: StoreAge Man?]. We have been very cautious to spend it wisely, as theres not so much around anymore."
Still, StoreAge hasn't been idle: It's used the funding to double its floor space with a new 8,000-square-foot facility in Nesher, Israel. It also plans to significantly increase its engineering headcount in the near future, as well as setting up sales and marketing offices in the U.S. Right now it has one office in Scottsdale, Ariz., that is used for technical support
It currently employs 50 engineers in R&D who are working on improvements to its SAN virtualization product -- the Storage Virtualization Manager (SVM). By the end of the year it expects to offer mirroring, replication, and migration services on top of the virtualization.
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