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Another Round for CentrePath

CentrePath has scored another $10 million in funding for the next phase of its ongoing evolution as a provider of storage networking services and software.

The round brings CentrePath's total funding to $19 million, including $5 million in 2005 and $4 million in 2004. (See (doclink 80100}, CentrePath Hits Milestone, and CentrePath Picks Up $4M.) This round was led by new investor Bain Capital Ventures and existing investors Greylock Partners and Pilot House Ventures.

According to spokeswoman Susan Frankle, CentrePath will use the money to continue to build its business helping companies set up storage and optical networks for data replication, preferably ones that deploy the startup's Magellan management system.

So far, it's a tack that's worked. CentrePath, which started a new life for itself back in 2003 (more on that in a minute), now claims 150 customers, an increase of 50 percent in the last year or so. (See CentrePath Hits Landmark.) Those include Bank of New York, Childrens Hospital of Philadelphia, the City of Boston, the City of Chicago, Comcast, Merrill Lynch & Co. Inc., New York City’s Department of Information Technology and Telecommunications, Turner Broadcasting, and Walmart.

CentrePath's Frankle won't comment on profitability or lack thereof, but she says bookings have increased about 75 percent, growing from under $8 million in 2004 to approximately $14 million in 2005.

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