Like Europes royal families, stealthy storage startup Compellent Technologies Inc. just keeps tumbling into cash without ever revealing what its job actually consists of. The startup, keeping its lips securely zipped, said today that it has landed another $14 million in funding (see Compellent Lands $14M).
The funding round, which brings the companys total cash pile to $23 million, was led by new investor Cargill Ventures. Existing investors El Dorado Ventures and Crescendo Ventures also participated in the round (see XIOtech Founders Back in Business).
Were real excited, says Compellent CEO and co-founder Phil Soran. This is a good validation for us.
The startup didnt even have to go looking for the funds, Soran says, insisting that the latest funding was an up-round. We still have the majority of money left from last years funding.
The Minneapolis-based company says it will use the new influx of cash to boost product development, channel sales, and marketing programs. But development and marketing of what? Compellent wont go further than saying that its developing solutions that creatively address customers network storage issues, significantly expanding the addressable network storage market. Well that settles that, then.
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