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Storage Virtualization Startups Grab Cash

Storage virtualization continues to gain traction, as evidenced by fresh funding for startups Seanodes and Xkoto today.

Xkoto, based in Toronto, Ontario, announced a $7.5 million Series B round, bringing the database specialist's total funding to $10 million.

The round, led by GrandBanks Capital, also included existing investor GrowthWorks Canadian Fund and has already been earmarked to boost the firm's U.S. presence.

Xkoto, which develops grid software that virtualizes off-the-shelf databases, also reshuffled its management team to support this effort.

Former Novell exec David Patrick will take the CEO's reins from co-founder Albert Lee, who becomes Xkoto's chief strategy officer. The incoming CEO will be based in Boston, Mass., from where he will oversee Xkoto's U.S. push.

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