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NexGen Storage Closes $10M Funding in an Oversubscribed Round
NexGen Storage, a leader in shared storage performance Quality of Service for business critical virtualization, today announced it has closed an oversubscribed $10 million round of funding. New investor Next World Capital led the financing and joined existing investors, Grotech Ventures and Access Venture Partners. NexGen Storage emerged from stealth on November 8, 2011, and simultaneously announced the general availability of its flagship product, the NexGen n5 Storage System.

"We considered a multitude of new technologies transforming the storage market, and NexGen's solid state storage solutions provide extreme and sustainable competitive differentiation with best-in-class efficiency and unprecedented performance control capabilities," said Craig Hanson, general partner at Next World Capital. "The combination of NexGen's patent-pending technologies and the team's proven ability to execute, which I have personally experienced, sets it apart from other storage startups. We believe NexGen Storage has the right team and technology, and we are excited to partner with them."

"By taking a more comprehensive approach, NexGen is leading the wave of solid state innovation. The NexGen team recognizes that it's not just about new technologies; it's about being able to integrate them into a more complete solution and deliver more value at a lower cost. That's why NexGen will win," said Lawson DeVries, general partner, Grotech Ventures.

NexGen storage allows organizations to extend the benefits and efficiencies of virtualization to their business critical applications with up to 76 times higher storage density than a typical disk drive deployment resulting in up to 90 percent storage operating expense savings.

"With its game-changing technologies and the ability to control shared storage performance, NexGen Storage is well-positioned to have a profound and transformational impact on the data storage industry," added Kirk J. Holland, managing director, Access Venture Partners.

NexGen Storage was founded by Kelly Long and John Spiers who were the original founders of LeftHand Networks, which was sold to Hewlett-Packard for $360 million in December 2008. They have tapped Colorado's rich pool of IT infrastructure engineering and management talent to deliver ground-breaking, patent-pending storage system innovations for the $24 billion global storage system market.

"NexGen Storage has assembled the top storage talent in the industry," said David Boone, director of IT at Denver Health. "Denver Health's commitment to leading the country in health information technology reflects our recognition that high IT service levels can directly translate into better patient care overall. We are excited to work with the deeply experienced team at NexGen, which truly understands and supports the needs of Denver Health."

The company plans to use the new funds to expand sales, marketing, engineering, and operations activities to support accelerating customer demand. NexGen Storage will sell exclusively through resellers and is in the process of signing partners across the country.

"We are delighted to close our latest round, and appreciate the enthusiastic response from investors to our innovative technologies and fresh approach to solid state storage," said John Spiers, chief executive officer and founder, NexGen Storage. "NexGen Storage is committed to delivering unprecedented value and measureable returns to our customers, partners and stakeholders."

Published Tuesday, November 15, 2011 7:06 AM by David Marshall
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