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Startups Bask in Summer Sums

The dry spell in storage startup funding seems to be abating, as backup startup Revivio Inc. and IP SAN switch vendor StoneFly Networks Inc. reported receiving a combined total of nearly $33 million today (see StoneFly Banks $12M Round and Revivio Lands $20.7M Series B).

Today's announcements follow BlueArc Corp.'s news last week that it had pulled in $47 million in additional funding, which the company expects to take it to breakeven in 2004 (see BlueArc Wallows in $47M Haul).

"Were seeing some of the VCs start to spend a little bit more money," says Enterprise Storage Group Inc. analyst Steve Kenniston. "It looks like the purse strings are opening up a bit."

How much are they opening up? Revivio, for starters, announced today that it has landed a whopping $20.7 million in a second round of funding. The round, which brings the company’s total funding to data to $30.5 million, was led by new investor Globespan Capital Partners. All three of the company’s previous investors, Bessemer Venture Partners, Charles River Ventures, and Flagship Ventures, also participated in the round.

"It was very, very quick," says Kirby Wadsworth, Revivio’s VP of marketing. "Globespan [committed to participating in the funding round] five to six weeks after we started sending the story around... We’re thrilled both by the speed and the players involved in the deal."

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