Incipient, Inc., a leading provider of intelligent switch-resident storage software, today announced it has successfully closed a third round of $20 million in equity financing, bringing total equity capital raised to $55 million. GrandBanks Capital led the Series C round, with full participation from existing major investors; Globespan Capital Partners, Greylock, HLM Venture Partners, and Sigma Partners. Proceeds of this latest round will be targeted for advanced development, as well as executing on go-to-market relationships with existing and prospective OEM business partners.
Charley Lax, managing general partner of GrandBanks Capital will join Incipient’s board of directors along side of Andy Goldfarb, executive managing director of Globespan Capital Partners, Bill Helman, general partner Greylock, Bob Davoli, managing director of Sigma Partners, Peter Palmer, individual investor and Ric Calvillo, President and CEO of Incipient.
“We are very enthusiastic about Incipient’s technology, team and OEM business partners, and are fully confident in their ability to quickly penetrate and monetize the evolving market opportunity for intelligent switch platforms” said Charley Lax.
“We are very pleased to welcome 16-year venture capital veteran Charley Lax to the Incipient Board and GrandBanks Capital to our family of investors. We are also pleased with the continuing full support from our existing investors,” said Ric Calvillo.
“The Incipient Network Storage Platform Suite is a new breed of storage software that will enable intelligent switch platforms to deliver heterogeneous network-based storage management and copy services,” said Nancy Hurley, Senior Analyst, Enterprise Strategy Group. “The benefits of this network-based solution not only enable Information Lifecycle Management (ILM) strategies but it also improves capacity utilization, and automates key management tasks such as data migration and copy services.”
“Greylock’s strategy is to partner with strong management teams having market vision, differentiated technology and with the potential to become industry leaders in important new market segments,” said Bill Helman of Greylock. “We believe Incipient fits our profile perfectly. Also, we are very excited to have Charley join the board and look forward to his contribution to Incipient’s success”.
About GrandBanks Capital
GrandBanks Capital (GBC) is a venture capital firm established in partnership with SOFTBANK and Mobius Venture Capital (SOFTBANK Venture Capital). GrandBanks focuses on making early stage technology investments, primarily in the eastern part of the United States, in companies operating principally in the areas of Internet infrastructure, software and software services, security and storage applications, media technologies and services, financial technologies and services, and wireless technologies and services. With headquarters outside Boston and an office in New York City, GBC possesses extensive experience and expertise in information technology, Internet and communications, media and financial services, and semiconductor technologies, having funded and managed many leading and successful companies. The GrandBanks portfolio includes Colubris Networks, Coradiant, Inc., CXO Systems, Inc., Ember Corporation, Enpocket, Inc., Glasshouse Technologies, Inc., OutStart, Inc. and, uLocate Communications. For more information on GrandBanks Capital, visit http://grandbanks-wp.millersystems.com
For information about GlobeSpan Capital Partners, Greylock, HLM Venture Partners, and Sigma Partners please visit http://www.globespancapital.com, http://www.greylock.com, http://www.hlmvp.com, http://www.sigmapartners.com.
About Incipient, Inc.
Incipient, Inc. develops intelligent switch-resident storage management software that provides storage services within the fabric, to support continual information storage growth and encourage centralized management and administrative policy control for enterprise-level IT environments. The Incipient Network Storage Platform Suite enables companies to gain value from ever-changing network-based storage environments, at significantly reduced total operating cost. Incipient is an independent privately held software company with corporate headquarters in Waltham, MA. For more information about Incipient, visit http://www.incipient.com.
Incipient, Inc., Contact
Meaghan Dwyer
781-906-3501
incipient-news@incipient.com
