Three small storage companies -- Incipient Inc., Silverback Systems Inc., and Atempo Inc. -- have pulled down a combined total of $36.2 million, a sign that venture backing of storage startups is continuing with relative strength into 2003 (see Silverback Lands $15M Third Round, Incipient Raises $15M Series B, and Atempo Picks Up $6.2M).
This latest crop of VC funding comes on the heels of the $66.5 million total raised last month by five storage startups: Aristos Logic, Arsenal Digital Solutions Worldwide Inc., EVault Inc., LeftHand Networks, and LiveVault Corp. (see Startups Tap VC Reserves and Arsenal Restocks Its Coffers).
Incipient, based in Waltham, Mass., raised $15 million in Series B financing -- led by Jafco Ventures -- bringing its total funding to date to $25 million. Other participants in the round include previous investors Greylock and Sigma Partners.
The startup, which has around 50 employees, is basically developing storage virtualization software that runs in the SAN fabric -- on "intelligent" switches -- and it has been working closely with Brocade Communications Systems Inc. (Nasdaq: BRCD) (formerly Rhapsody Networks) to port its software onto Brocade's virtualization switch (see Rhapsody Works With Incipient and Brocade Reupholsters Rhapsody).
Incipient founder and CEO Ric Calvillo was also the founder of Conley Corp., acquired by EMC Corp. (NYSE: EMC) in 1998. Conley developed the multipathing software product now known as EMC PowerPath. At EMC, Calvillo served as general manager of EMC's Cambridge Software Center.
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