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AppIQ Scoops Loot

SRM startup nets $12M second round. Can it ride CIM standards all the way to the bank?

Storage resource management startup AppIQ Corp. has pulled down a $12 million Series B round from its original investors, Matrix Partners and North Bridge Venture Partners, bringing its total funding to $20 million to date (see AppIQ Snaps Up $12M Series B).

The funding is a solid affirmation by its VCs of AppIQ's efforts to date. And this outfit is practically bursting at the seams waiting to tell us even more good news -- including, say AppIQ execs, a positively huge OEM deal in the pipeline, several customer wins, and partnerships with four storage-oriented systems integrators.

"We've got customers, we've got partners," says Alex Neihaus, AppIQ's VP of marketing. "We're getting lots of traction." OK. But for now, we'll basically have to take his word for it, since AppIQ isn't prepared to lift the lid on what they have cooking. Patience, young Jedi.

Sticking to the basics, David Lemont, who recently joined AppIQ as president and CEO, says the latest funding was an "up round," which means the total valuation of the startup is higher than it was in the previous round. "The exciting thing is the initial investors showed amazing confidence in us," he says. "They took the whole round. We had offers from other VCs that we had to turn down."

So what's AppIQ's current valuation? No comment. "It's kind of gauche to talk about valuation," says Lemont. Color us crass arrivistes, then.

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