DATADIRECT SECURES FUNDING $9.9 MILLION SET TO EXPAND DATA STORAGE MAKER.Byline: Evan Pondel Staff Writer CHATSWORTH - DataDirect Networks Inc. completed a $9.9 million round of funding on Monday, money the company says will help it expand. While many companies are being pinched by the economic downturn, Chatsworth-based DataDirect's track record enabled it to secure the funding from ClearLight Partners LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , Digital Coast Ventures and Part'com. ``They are a unique company in the storage appliance arena ... at least six months to a year ahead of their time,'' said Rob Healy, a partner with Newport Beach-based ClearLight Partners. The 13-year-old company's flagship product A primary product of a company, which is typically why the company was founded and/or what made it well known. For example, MS-DOS, Windows and the Microsoft Office suite have been flagship products of Microsoft. CorelDRAW is a flagship product of Corel Corporation. is a metal box, about the size of a microwave, that's able to store up to 100 tetrabytes of computer data. One tetrabyte equals a million megabytes and the average computer stores around 32 to 64 megabytes of data. Individual consumers don't need that much storage space, but larger companies usually do, said Robert Woolery, vice president of corporate development for DataDirect. DataDirect's clients include Boeing, NASA NASA: see National Aeronautics and Space Administration. NASA in full National Aeronautics and Space Administration Independent U.S. Goddard, MTV MTV in full Music Television U.S. cable television network, established in 1980 to present videos of musicians and singers performing new rock music. MTV won a wide following among rock-music fans worldwide and greatly affected the popular-music business. , CNN CNN or Cable News Network Subsidiary company of Turner Broadcasting Systems. It was created by Ted Turner in 1980 to present 24-hour live news broadcasts, using satellites to transmit reports from news bureaus around the world. , Fox and Lockheed Martin For the former company, see . Lockheed Martin (NYSE: LMT) is a leading multinational aerospace manufacturer and advanced technology company formed in 1995 by the merger of Lockheed Corporation with Martin Marietta. Energy Systems. Many of these companies rely on DataDirect's product because of its ability to store data effectively, said Tom Heymann, managing director of Santa Monica-based Digital Coast Ventures. ``It's really an enabling product,'' he said of the product's massive storage ability. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Heymann, Digital Coast Ventures decided to invest in DataDirect because of the longevity of the product, its utility and the experience of the management team. ``They're a good example of the kinds of things you like to look for in this economy,'' he said. The company's also profitable, with annual revenues around $50 million to $60 million. Though the company has witnessed a minor slowdown in growth due to the sluggish economy Sluggish Economy A state in the economy in which the growth is slow, flat or declining. The term can refer to the economy as a whole or a component of the economy, such as weak housing starts. , products continue to sell, Woolery said. The average data storage unit costs $35,000 to $125,000. ``But the price difference is comparable to putting gasoline in a lawn mower versus jet fuel in a rocket,'' Woolery said, drawing a comparison to the speed at which DataDirect's product transfers information. CAPTION(S): 2 photos Photo: (1 -- color) Woolery watches as technician Jose Ramirez monitors a silicon storage appliance at the Northridge facility. (2 -- color) Robert Woolery, vice president of corporate development, shows off a silicon storage appliance produced by DataDirect. Andy Holzman/Staff Photographer |
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