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Embotics Raises $4 Million in Financing Led By Covington Capital

Embotics, the Virtualization Lifecycle Management™ Company, today announced the completion of an oversubscribed $4 million Series B financing round, which closed last week. This latest round, led by Covington Capital Corporation (“Covington”), will advance product development for Embotics’ server virtualization management technology, and expand global sales and operations. Phil Reddon, managing director, of Covington will join the Embotics Board of Directors.

“What attracted us to Embotics was that its product offering capitalizes on the well-established virtualization market. Virtualization technology has become an integral part of most data centers, and the market is now looking at ways of addressing the problem of dealing with “virtual sprawl.” Embotics has developed products that allow their clients to manage their virtual environments in an efficient and cost-effective manner. As a result, the demand for their products continues to grow at a significant rate,” said Reddon. “We believe the strength of the company’s product offering and highly experienced management team; coupled with Covington’s expertise in the virtualization sector, make for a strong business and investment partnership between our two organizations.”

Covington Capital is one of Canada’s largest providers of venture capital investment funds, managing over $300 million in assets. With an extensive network of industry professionals and partners, and comprehensive strategic and operational expertise, Covington invests in privately held companies seeking to provide a strong return over their initial investment.

“We are extremely pleased to have added Covington as an investment, and strategic partner. Their proven success with supporting the evolution of a number of enterprises from early-stage start-ups through to acquisition will prove invaluable to us as we continue to build on Embotics existing successes,” said Jay Litkey, CEO of Embotics. “We are seeing strong market demand and this new financing will help us grow while maintaining our strong relationships with customers, who appreciate the ease of installation, out of the box functionality and strong ROI provided by our products.”

Published Wednesday, December 10, 2008 8:36 AM by David Marshall
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