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Storigen Clinches $15M in Funding

Funding paves way for startup's early 2002 product launch plans

Storigen Systems Inc. has secured $15 million in second-round funding, indicating its VCs believe the stealthy startups game plan is on track.

The round was led by Pilot House Ventures and included investments from initial backers Battery Ventures, Charles River Ventures, and OneLiberty Ventures.

The 64-employee Lowell, Mass., firm is developing a distributed network storage device, slated for delivery in January or early February 2002. Dennis Hoffman, Storigen’s co-founder and president, says the new financing -- which brings the company’s total funding to $24 million -- will be used to build out marketing operations, including a direct sales force.

But what exactly is in Storigen’s secret box? Hoffman is still cagey on details, but he says it will be an application-independent device for storing and delivering data closer to users.

“It’s our very firm belief that the vast majority of bits that are going to be stored are going to need to be stored not only at the data center, but in the network itself,” he says. “Our system stores and delivers data from within the network.”

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