Money closing in. (Wall Street West).Avamar Technologies Inc. says it's about to close on a new round of venture capital funding. The Irvine-based provider of backup software See backup program. (tool, software) backup software - Software for doing a backup, often included as part of the operating system. Backup software should provide ways to specify what files get backed up and to where. for data storage, hopes to close a deal for as much as $15 million in the next couple of months, said Kevin Daly, the company's chief executive. It would mark Avamar's biggest round of funding. Since its 1999 founding, the software maker has raised $22.5 million, including last April's $12 million round. Avamar's existing investors include Menlo Park's Lightspeed Venture Partners and 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 , and Andover, Mass.-based CMGI CMGI Commonly Maintained Grounds Infrastructures CMGI College Marketing Group Information (Services) Capital. All three firms are expected to invest in the next round, Daly said. Avamar also is looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. a fourth investor. "We'll look for an external investor. "Daly said. "External validation See validate. validation - The stage in the software life-cycle at the end of the development process where software is evaluated to ensure that it complies with the requirements. of the company would be useful." Avamar's software allows companies to back up large amounts of data without tying up the pipes of massive storage networks. The company says its software, which is set to be sold along with data storage servers as a single product, is a cheaper, more efficient way for banks, distributors and government agencies to back up data. Avamar's good fortune with 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. is something of a bright spot in a down sector. Many storage companies have been slammed on Wall Street. Meanwhile, venture firms are taking a closer look at fledgling storage companies. Mountain View-based 3Ware Inc. raised $26 million earlier this month. And Longmont, Colo.-based CreekPath Systems Inc. raised $16 million in November. |
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