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Arkivio Runs Out of Silver

Howard Silver, senior VP of engineering at storage resource management (SRM) startup Arkivio Inc. has resigned over "irreconcilable differences" with the company, as Arkivio struggles to pull in a third round of funding, Byte and Switch has learned.

Silver, previously VP and general manager of the appliance software division at Veritas Software Corp. (Nasdaq: VRTS), worked at Arkivio for a little over seven months. He headed up all aspects of development and engineering, as well as test and quality assurance. Silver, who left the company last Thursday, says he came to a "mutual decision" with the management team to quit, as he and they "were not marching to the same drum," he says. He has been replaced by Matt Foley, promoted internally to VP of engineering (see Veritas VP Defects to Arkivio).

Silver declined to give specific details on the differences of opinion that led to his departure except to say that "it takes more than technology" to make a startup work. He says he's currently looking for other opportunities in the storage industry [ed. note: as well as sleeping late on Mondays].

While Silvers departure doesn’t appear to be a big deal to him or Arkivio, it does reveal some interesting insights into the market reaction Arkivio is getting and where its headed.

Reading between the lines, it looks as if Arkivio is in immediate need of more cash. The company raised a second round of $9.5 million last March, but has pulled in none since and is supporting a team of 50 staffers with very little revenue coming in. Its current VCs include Jafco Ventures, Moore Capital Managements, and Voyager Capital (see Arkivio Pulls Down $9.5M).

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