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Neartek Scores $8M Round

Tape virtualization player Neartek Inc. has received an additional $8 million in funding, as it looks to expand its sales and marketing efforts in the U.S.

The Westborough, Mass.-based company received the additional funding from existing investors Benchmark Capital, Doughty Hanson Technology Ventures, and Magnum Telecom.

The cash infusion comes after Neartek received $27 million in April 2002 from the same group of VCs, which was a down round as the company restructured its financing (see Neartek Lands $27M). Under its previous management, when the company was focused solely on the mainframe market, Neartek had raised $40 million.

Neartek says the new funding will be used to expand U.S. sales and marketing efforts; to continue to support its international customer base; and to expand the company's European presence for its Virtual Storage Engine (VSE) virtual tape software solution.

Founded in 1994, Neartek sits in a specialized niche in the storage software market: Its software acts as middleware between tape drives and storage devices, backup applications, and servers -- eliminating the need to have dedicated tape drives and libraries for each computing platform.

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