New investor HLM Venture Partners led the latest round, which brings Incipients total funding to date to $35 million. Another new investor, Essex Investment Management Co. LLC, along with all of the startup's existing investors -- including Greylock, Globespan Capital Partners, and Sigma Partners -- also participated in the round.
This is a complete homerun for us, says Edward Durkin, who was recently named Incipients CFO (see Incipient Appoints CFO). We think its a great validation of the progress were making... The company is very well funded and capitalized right now.
The Waltham, Mass.-based startup will use the additional funds to expand its sales, marketing, and product development efforts, with plans to augment its staff of about 60 employees, Durkin says.
While VC funding has been picking up for storage startups in recent months, raising a B-round of $25 million is quite an accomplishment for any software startup, and especially for one that has yet to completely reveal what its working on, or even officially name its product (see The Billion-Dollar Slump and Incipient Is Latent).