As conditions for IPOs continue to diminish and wither, VC money is being pumped into markets of promise. For storage this means clustered NAS -- and a sweet $10 million each for Isilon and PolyServe.
Existing investors Sequoia Capital and Madrona Venture Group took part in Isilon's round, with Greylock, Fidelity Ventures, New Enterprise Associates, and The Roda Group providing the backing for PolyServe. The cash influx brings both firms' total funding to around the $70 million mark.
Neither firm formally announced their funding, although the respective deals were revealed in recent regulatory filings with the Securities and Exchange Commission (SEC). For Beaverton, Ore.- based PolyServe, the funding comes almost two years to the day since its $20 million D round led by Fidelity Ventures. (See PolyServe Lands $20M, Talks IPO, PolyServe Pulls in $19.5M, and PolyServe Raises $19.5M.)
At that time, the startup was talking of a possible IPO. PolyServe, which sells a file system for NAS, has instead focused its attention on its partner portfolio, signing deals with HP, EqualLogic, and DataDirect Networks. (See HP OEMs PolyServe Software, PolyServe Debuts iSCSI Support, and DataDirect Bundles PolyServe.)
PolyServe did not respond to Byte and Switch's requests for comment on its Series E round. So, at this stage, it remains unclear what the money will be used for.
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