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Troika Takes Aim

Can an aging startup with an identity crisis find happiness in storage virtualization?

Troika Networks Inc. is about to find out. If new funding, customers, and partnerships are any sign of success, it's off to a good start -- though sizeable challenges remain.

Troika has obtained an undisclosed sum from its existing backers, Byte and Switch has learned, a list that includes Anthem Venture Partners, Draper Fisher Jurvetson, Dynafund Ventures, Hamilton Apex Technology Ventures, and Windward Ventures. Troika's now widening the round to include external investors.

Sometime this year, the six-year-old company will announce the funding, which management hopes will roughly match the $13 million it got last year, an amount that raised Troika's total to $67 million (see Can Troika Triumph on Take Two?). Management expects the new funding to bring Troika safely through 2005.

The company also claims to have sold its Accelera box, billed as a kind of storage super-appliance, to about 12 customers, including the American Committee for the Weizmann Institute of Science and Invision, an application service provider. Troika expects to have Accelera generally available by midyear. And an exclusive alliance with Agere Systems Inc. (NYSE: AGR.A) ensures Troika will have the means to make its own ASICs and possibly create new chips for OEM use (see Agere, Trokia Develop SAN Products).

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