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ONStor Secures $27M, Eyes IPO

Clustered NAS startup ONStor has clinched $27 million in mezzanine funding as the vendor gears up to join the growing list of storage IPOs. (See Onstor Closes Mezzanine Funding.)

The round included new investor Sand Hill Capital as well as existing investors Foundation Capital, ComVentures, Worldview Technology Partners, and Mayfield Fund. The cash influx brings ONStor's total funding to north of $100 million in four rounds, underlining a frenzy of recent activity in the clustering space. (See OnStor Stores $24M.)

ONStor CEO Bob Miller says that the money will be used to lay the foundations of a public offering. (See Voltaire Strikes IPO, BladeLogic Announces IPO Pricing, Netezza Closes IPO, and Double-Take Files for IPO.) "Assuming that the market conditions [are right] for storage companies like ourselves, the idea would be to do an IPO in the next 12 months."

Specifically, the mezzanine round will be used to increase the 115-strong ONStor workforce by about 40 people, mostly in sales, marketing, and engineering. (See ONStor Launches Into GNS and SNW: First Take.)

The ONStor CEO denied the suggestion that the mezzanine round was prompted by Compellent's recent decision to ditch ONStor as a reseller partner. (See Compellent Adds Integral NAS and The WSS Factor.) "Compellent was only about 20 Tbytes of about 4 Pbytes [total ONStor storage shipped]," he said.

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