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Compellent Corrals $15M

Compellent Technologies Inc. picked up $15 million in funding today, which execs hope will help it to a permanent place in an expanding midrange market (see Compellent Gets $15M).

The round brings Compellent's total funding to $38 million. CEO Phil Soran hopes that will be enough to take the Minneapolis-based startup to profitability. He says the 65-person company might hire a few extra hands, but the funding will mostly go toward expanding its channel.

We might need a mezzanine round, but I hope not,” Soran says. “This will help fund our distribution expansion. We’ll recruit partners who will hopefully take us to cashflow profitability in the not too distant future.”

Compellent sells its Storage Center systems exclusively through its 60-odd channel partners, and Soran claims more than 120 customers since the company's February 2004 launch (see Compellent Comes Out Selling). Compellent expanded into Europe by opening an office in Amsterdam last week, and Soran says it will look to sign channel partners in U.S. cities where it currently has no presence (see Compellent Opens Euro Partner Program).

Compellent won high marks for its technology when it came out with its open platform that allows companies to mix and match Fibre Channel, iSCSI, and SATA drives, controllers, and enclosures. Compellent also offers mirroring, replication, resource, and storage management software.

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