A dose of good medicine for the storage service provider market came today as SSP StorageWay Inc. snagged $42 million in additional funding from two top venture firms (see StorageWay Gets $42 Million).
This brings the total equity investment in the company to $98 million, with a cumulative total of $150 million in equity and lease financing since StorageWay opened for business in October 1999.
The seal of approval from Matrix Partners and Redpoint Ventures
is significant for a couple of reasons.
To start, the financial market is skeptical of SSPs as a business model after the failure of application service providers (ASPs) and managed service providers (MSPs) to get off the ground before going broke. Thus, additional funding at this point is a significant vote of confidence in StorageWay's ability to succeed.
And secondly, these two venture capital firms have an impressive record. Matrix was an early investor in Sycamore Networks Inc. (Nasdaq: SCMR), PSInet Inc. (Nasdaq: PSIX), and Veritas Software Corp. (Nasdaq: VRTS). Redpoint can claim involvement in the success of Juniper Networks Inc. (Nasdaq: JNPR), Foundry Networks Inc. (Nasdaq: FDRY), and Avici Systems Inc. (Nasdaq: AVCI; Frankfurt: BVC7), among many others.
Data classification makes it easier to use data throughout the enterprise and can also enhance compliance efforts and protection against ransomware.
Today’s 400G data centers are not fast enough for many emerging applications. The networking industry is looking toward 1.6T network speeds.
Technology never stands still, and computer chip innovations are no exception. It’s time to revisit IT’s strategic roadmaps for what’s coming.
