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Storability Snags $7M
Storage resource management software vendor Storability Inc. has landed $7 million in what it claims is its very last funding round.
The Southborough, Mass.-based company announced today that its existing investors, Battery Ventures, Technology Partners, Sprout Group, and Lee Munder Capital Group (LMCG), participated in the round, which brings its total funding to date to $66 million.
"This financing will carry us beyond our cash-flow breakeven point next year," says Storabilty CFO Mike Levinger.
The SSP-turned-SRM software vendor will use its latest cash injection to help boost sales of its Global Storage Manager software and add new features, as well as bring new versions of GSM to market, says Levinger (see Storability Upgrades SRM).
Among the new features Storability is planning to integrate into future versions of its SRM software are the automated, policy-based SAN and server management assets it acquired from ProvisionSoft in July (see Storability Mops Up ProvisionSoft). Supposedly, the ProvisionSoft software is able to automatically determine the need for storage and server resources and then provision the resources accordingly.
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