Sistina Software Inc. announced today that it has secured $10 million in Series B funding, following what it says was significant customer traction last year. The round brings its total investment to date to $20 million (see Sistina Picks Up $10M).
The Minneapolis-based global file system company expects the funding to carry it through to profitability by year's end. The lead investor was Crescendo Ventures -- an investor in NuSpeed, the storage router company acquired by Cisco Systems Inc. (Nasdaq: CSCO) -- with additional investment from St. Paul Venture Capital and Validus Partners.
Sistina, which makes a clustered file system based on the open-source Linux kernel, says it was able to raise the funds because it won 50 new customers in 2002. "And that's despite the bad economy," notes Joaqun Ruiz, VP of marketing and product management at Sistina.
Ruiz says the types of customers adopting Sistina's software began to shift halfway through last year. "The mix changed from mainly high-performance, computing-oriented customers like NASA and FermiLabs, to telcos and financial institutions." However, Sistina was unable to provide the names of its new customers (see Sistina Tunes In to Enterprises).
The reason for this shift, says Ruiz, is that many organizations are moving toward an "incremental compute model," a concept Forrester Research Inc. calls "organic computing."
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