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Sanera Gets $38.3M - Just in Time

The public markets may be getting whipped on a daily basis, but that doesnt seem to be worrying venture capitalists who are still funding storage networking startups by the bucketload (see DataDirect Networks Gets $9.9M, Panasas Snags $25.4M, and Pirus Attains $9.5 Million Additional Funding).

The latest to cash in is multiprotocol terabit SAN switch maker Sanera Systems Inc., which just scored a $38.3 million second round (see Sanera Lands $38.3M ).

Analysts say the reason for the VC enthusiasm is simple. The SAN market is large, robust, and growing and will be one of the first to bounce back when the economy recovers.

"Businesses are desperate to lower their operational expenses, which means deploying scaleable storage networks, not a hodge-podge of switches that don’t scale," says Alex Mendez, newly appointed interim CEO at Sanera and a founding partner of Storm Ventures, an early investor in Sanera.

”We secured our funding one day before Armageddon day,” he says. “The world came to a stop on September 11 and is gradually recovering, but most of the startups you see getting funded today will have secured these deals a while ago.”

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