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EqualLogic Tallies $15M

Startup EqualLogic Inc. has pocketed a healthy $15 million second round as it sets its sights on launching its iSCSI-based storage array by midyear (see EqualLogic Nets $15M).

The round, which brings EqualLogic's total funding to date to $27 million, was led by TD Capital Technology Ventures and included participation from initial investors Charles River Ventures and Sigma Partners (see EqualLogic Takes Flight).

"This funding is all about building up the go-to-market team," says EqualLogic CEO Peter Hayden. He wouldn't comment on whether it was an "up" round -- meaning the valuation of the company has increased -- but he says $15 million was exactly the amount the company was looking to raise.

And while the company hasn't officially shipped anything yet, Hayden claims he's already got "more than one" order on the books. He wasn't able to name any beta customers but says there are several financial institutions among them, including a major U.S. bank based in Boston (see EqualLogic Draws Bank's Interest).

The headcount of EqualLogic, based in Nashua, N.H., is in the "mid to high 50s." Hayden says he expects to add on to that a bit but adds, "we've been very careful about spending money... Burning through millions of dollars in this economy is not a good idea." He says the latest funding should last through the end of 2003, but whether -- and when -- EqualLogic needs additional capital depends on how quickly it can ramp sales (see SAN Startups on the Block).

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