WESTBOROUGH, Mass. -- ExaGrid Systems, Inc.
(http://www.exagrid.com) the leader in cost-effective and scalable disk-based backup solutions with byte-level data de-duplication, today announced that it has received an additional $20 million of funding led by new investor Lehman Brothers Venture Partners, the venture capital group of Lehman Brothers, the global investment bank. The round, which also includes current investors Highland Capital Partners and Sigma Partners, supports ExaGrid's expansion of sales and marketing activities in North America, Europe and Asia, and is expected to fund ExaGrid to cash positive status.
ExaGrid's Disk-based Backup system is a turnkey, plug-and-play solution that works with customer's existing backup applications and enables faster and more reliable backups and restores. Customers report that backup time is reduced by 30 to 80 percent over traditional tape backup. ExaGrid's byte-level data de-duplication technology and most recent backup compression, coupled with high-quality SATA storage, reduces the amount of disk space needed by a range of 10 to 50:1 or more, resulting in a price about the same as tape, and a fraction of the price of standard disk storage.
"ExaGrid is pleased that a top-tier investor such as Lehman Brothers has recognized our growing success," said Bill Andrews, president and CEO of ExaGrid. "This additional capital, combined with a 40 percent quarter over quarter compound growth rate and two recently awarded patents for our best-in-class disk-based backup system, provides the fuel for continued global expansion."
ExaGrid Systems Inc.