NSI Software,
a data replication company targeting the Windows market, has announced $15 million in second-round funding to step up its marketing and R&D programs with its partners (see NSI Sucks Up $15M Round).
The round was led by ABS Ventures, with participation from existing investors Dell Computer Corp. (Nasdaq: DELL) and J&W Seligman & Co.. EMC Corp. (NYSE: EMC), which has previously invested in the company, did not participate in the round. The investment brings the total raised by NSI Software, since it was founded 11 years ago, to $65 million. ABS Capital's Laura L. Witt and Bobby Goswami will join NSI's board of directors.
Don Beeler, founder and CEO of NSI, says the company more than doubled its sales last year and is poised for significant growth in 2003. He expects the company to be cash-flow positive this year. "Our percentages are picking up because of the way we positioned the product," Beeler says. "Its geared towards the mass market for disaster recovery."
NSI says it has more than 5,000 customers and 16,000 working copies of its product, Double-Take, installed. Customers include Sundt Construction, Southwest Corporate Federal Credit Union, Antelope Valley Hospital in California, and Commercebank of Florida.
The question, then, is: If NSI is doing so well, why has it accepted funding at this point? "It is always the best time to bring in money when you dont need it," says Beeler. "It was easy for us to articulate our message right now and for investors to understand the opportunities ahead of us."
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