Avamar Raises $13 Million in Financing Led by Goldman Sachs.Business Editors IRVINE, Calif.--(BUSINESS WIRE)--April 10, 2003 Avamar Technologies, Inc. a leading provider of innovative data protection solutions, today announced that the company has raised $13 million in its largest round of financing to date. The Principal Investment Area of Goldman Sachs The Goldman Sachs Group, Inc., or simply Goldman Sachs (NYSE: GS) is one of the world's largest global investment banks. Goldman Sachs was founded in 1869, and is headquartered in the Lower Manhattan area of New York City at 85 Broad Street. led the round with participation from current investors Benchmark Capital Benchmark Capital is a venture capital firm responsible for the early stage funding of some very successful startups, including eBay. In 1995, the firm invested $6.7 million in eBay, which became worth more than $5 billion by the spring of 1999 and resulted in one of Silicon , CMGI CMGI Commonly Maintained Grounds Infrastructures CMGI College Marketing Group Information (Services) @Ventures and Lightspeed Venture Partners. Avamar will use the funding for general corporate purposes and to expand sales, marketing and support in order to meet the growing demand for disk-based data protection solutions. To date, the company has focused its efforts on the development of its recently introduced disk backup and restore appliance, Axion ax·i·on n. A hypothetical boson having no charge or spin and small mass, proposed to explain the existence of certain symmetries of the strong nuclear force. [axi(al) + -on1.] (TM). With its highly efficient technology, Axion offers the first cost-effective, enterprise solution for fully disk-based data backup, restore and archive. "Our ability to raise this round of financing from first-tier venture capitalists Venture Capitalist An investor who provides capital to either start-up ventures or support small companies who wish to expand but do not have access to public funding. Notes: Venture capitalists usually expect higher returns for the additional risks taken. reflects the confidence of the investment community in both the market opportunity for disk-based data protection solutions and in our market-leading product," said Kevin Daly, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Avamar. "Our revolutionary architecture dramatically changes the data protection and disaster recovery options available to enterprise data centers." Daly added, "The need for high performance and cost effective data protection solutions has never been greater as regulatory requirements and unrelenting data growth continue to increase the need for fast access to protected data." John Kiang kiang: see ass. of Goldman Sachs said, "We are excited about Avamar's ability to target the large market opportunity for storage backup and restore solutions. With their unique, software-centric Axion solution, we believe Avamar will leverage the dramatic and continued decrease in the cost of disk storage compared to tape storage and for the first time enable true disk-based backup for the enterprise market." As part of the round, Lightspeed Venture Partners will join Avamar's board of directors. "We are pleased that our investors recognize the value of the Axion solution and continue to support the Avamar team," Daly said. About Avamar Avamar is leading a new wave of innovative solutions that deliver increased value for data backup, restore and disaster recovery. Founded in Irvine, California Irvine is an incorporated city in Orange County, California, United States. It is a planned city, mainly developed by the Irvine Company since the 1960s. Formally incorporated on December 28 1971, the 69.7 square mile (180.5 km²) city has a population of 202,079 (as of 2007). , in 1999, Avamar provides enterprises with data management solutions to control the information explosion. Avamar Axion is a scalable appliance that provides online accessibility, while storing and protecting data with maximum efficiency. For additional information on Avamar, go to: www.avamar.com. |
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