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ExaGrid Systems Secures $13.5 Million in Series B Funding; Supports Sales and Marketing Expansion; Brings Total Funding to More Than $20 Million.

WESTBOROUGH, Mass. -- ExaGrid Systems, innovators in Self-Protecting Storage, today announced that the company has raised an additional $13.5 million from existing investors Highland Capital Partners and Sigma Partners. This new round of funding will help expand the company's sales channels and further enhance ExaGrid's industry-leading integrated storage and data protection solution.

"Our top-tier investors, Highland and Sigma, are very enthusiastic about the early traction demonstrated by our Advanstor(TM) data protection solution," said Mark Kaufman, president and CEO of ExaGrid Systems. "Early customers, including W.A. Wilde and ColoSpace, have achieved dramatic reductions in operational costs and improvements in data availability. With such strong customer validation and market reception, it is clear the opportunity for ExaGrid is substantial."

With sales for the company's Advanstor storage and data protection solution already underway through direct and indirect channels, ExaGrid will apply the new round to expand marketing and sales efforts to reach midsized organizations struggling with the costs and complexity of ensuring that their data is protected. ExaGrid recently announced resellers Bishop Technologies, Inc. and Tri-Delta Resources, managed service provider customer ColoSpace, and the expansion of direct sales into the Midwest, New York, Texas and California.

"The complexity of data protection is a recurring theme we hear from executives in our Global Customer Advisory network, especially in light of new regulations and IT resource constraints," said Jo Tango, general partner with Highland and ExaGrid Board member. "ExaGrid has obviously capitalized on this trend and created an innovative solution that addresses customer issues by reducing complexity and costs. The company is experiencing significant momentum - converting 100 percent of their beta sites to customers, winning new sales at a rapid rate and expanding their reseller channels. ExaGrid is in a strong position for the next stage of growth."

"Sigma Partners has a track record of identifying emerging players with disruptive technologies and teaming with them to establish new market leaders," said Robert E. Davoli, managing director, Sigma Partners and ExaGrid Board member. "The company has solved a vital business issue for organizations unable to adequately provide complete data protection and disaster recovery for their ever-increasing growth of data. We are extremely pleased with the progress being made as ExaGrid expands its sales efforts and validates our investment in the company. We feel ExaGrid has a real opportunity to be a market leader."

The Benefits of Self-Protecting Storage

Exponential data growth rates, security threats, regulatory compliance and competitive pressures are driving what analysts predict will be an increasing demand among midsized businesses for more integrated, easy-to-manage and "holistic" storage and data protection solutions.

To adequately protect data, storage administrators have been forced to select, install, configure and manage dozens of independent storage, backup, archiving, management and replication products. Addressing this challenging business reality, Advanstor drastically changes the equation, eliminating as much as 90 percent of the complexity of storage and data protection, and reducing capital costs by 50 percent in the first year alone.

With an innovative and patent-pending software architecture, Advanstor leverages virtualization, advanced data management techniques and grid computing concepts to provide complete end-to-end data protection, automating local and remote data protection in a self-protecting, self-managing and self-healing, two-tiered solution. Advanstor integrates the functionality typically found in multiple independent data management applications like backup, replication, disaster recovery, archiving and HSM, providing a self-managing total-protection solution and eliminating the need for buying and managing separate dedicated hardware/software products.

About ExaGrid Systems

ExaGrid Systems, an innovator in Self-Protecting Storage, provides the industry's most comprehensive integrated storage and data protection solutions. Targeted at midsized organizations, ExaGrid's Advanstor products simplify and automate data protection, while reducing costs. The company is privately held with funding from top-tier investors Highland Capital Partners and Sigma Partners. ExaGrid Systems can be reached at www.exagrid.com or by calling 508-898-2872.
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Publication:Business Wire
Date:Mar 28, 2005
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