BOSTON -- xkoto Inc., a provider of data virtualization solutions, today announced it has raised $7.5 million in new financing. The Series B funding was led by GrandBanks Capital. Existing investor GrowthWorks Canadian Fund also participated in this round, bringing xkotos total venture funding to $10 million. In conjunction with the funding, xkoto also named seasoned software industry executive David Patrick as CEO, and announced that Khalil Barsoum and Tim Wright have joined the xkoto board.
Series B Funding
Building on recent customer initiatives with UnitedHealthcare, The Childrens Place Retail, Genworth Financial, InGrid, Travelport and two leading Wall Street investment firms, xkoto will use the new financing to increase its product portfolio to support multiple database and ISV platforms, expand its U.S. presence, further accelerate sales and establish strategic partnerships.
xkotos technology platform and flagship product, the GRIDSCALE Database Load Balancer, empowers SMBs and Fortune 100 companies to manage virtualized data through a single transparent interface so that applications become continuously available and horizontally scalable. Its patent-pending technology enables commercial off-the-shelf databases to run in a grid with the same or better reliability and performance as much more expensive proprietary systems.
Todays IT organizations are exploring various emerging technologies to find the ideal solution to decrease costs and increase efficiency, said Tim Wright, General Partner, GrandBanks Capital. With a proven product and broad customer deployments, xkoto is very well positioned to leverage the pent up demand for truly scalable solutions that ensure database availability across distributed enterprises. We are looking forward to helping them continue their impressive growth trajectory.