AUSTIN, Texas -- InovaWave, the leading provider of virtualization performance and efficiency management software, today announced that it has closed its series B round of funding for $7.2 million. Matrix Partners led the financing, while Silverton Partners, which led InovaWaves first round, also participated. InovaWave will use the investment to expand sales, marketing, research and development for its DXtreme product line.
(In a companion release, InovaWave also announced that it has appointed Chris Ostertag President and Chief Executive Officer.)
As virtual machines proliferate in data centers everywhere, InovaWave and its DXtreme product line solve the biggest roadblock to optimizing virtual environments: speeding up I/O performance for multiple VMs on the same server, said Stan Reiss, general partner, Matrix Partners. Matrix Partners believes InovaWave has an enormous opportunity to see its software installed on every virtual machine worldwide.
The InovaWave DXtreme software enables organizations to run more than twice the average number of virtual machines on a single hardware device, and enables them to improve the performance of applications running inside the virtual machines. In its first quarter of sales, the Company acquired over 15 customers, including top technology and financial services firms as well as Fortune 500 organizations.
InovaWave has quickly been able to recruit top executive talent and zero in on the right products to bring to market, said Bill Wood, founder, Silverton Partners, an early stage venture capital firm based in Austin, TX. With those two elements in place and a second round of funding in the bank, we believe that InovaWave is poised to help enterprises everywhere realize a much stronger benefit from their virtual environments.