Funding News-O-Rama! The venture capital community is back in action, as four storage networking startups have pulled in a total of $56 million among them. What's got the VCs all atwitter?
Storage processor startup Aristos Logic announced today the completion of a $20 million dollar round led by Woodside Fund. Also today, IP storage startup LeftHand Networks announced a $20 million investment, and LiveVault Corp., an online backup and recovery service provider, said it has secured $10 million. One of LiveVault's competitors, EVault Inc., closed on $6 million last week (see Aristos Logic Raises $20M, LiveVault Locks in $10M Series B, LeftHand Snatches $20M, and EVault Raises $6M Series C).
What's got the VCs opening their wallets, then? Is it the weather? [Ed. note: Spring has finally sprung on the East Coast. For now.] Or could there be macroeconomic changes afoot?
But you'd have no luck finding hints of a recovery in this spate of funding, say the venture capitalists we spoke with. "The marketplace for enterprise storage is still brutal right now," says Kyle Lefkoff at Boulder Ventures, an investor in LeftHand.
However, he says some startups are getting customer traction despite the slow economy. "IP SANs are a generational shift that would take five years in a good economy... But this is going to be a major trend, and LeftHand is winning business today."
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