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Zetera Zips Up $13.5M
Zetera Corp. today picked up $13.5 million in Series A funding to help further the development of its approach to storage transport that the company says is both easier and cheaper than iSCSI (see Zetera Picks Up $13.5M).
Warburg Pincus led the round with previous investor WI Harper Group kicking in. Zetera developed its technology and picked up OEM deals with Bell Microproducts (Nasdaq: BELM), Netgear Inc. (Nasdaq: NTGR), and StorCase Technology Inc. with less than $5 million put up by its founders and angel investors in 2002 (see Bell Micro to Sell Zetera and StorCase Uses Zetera Tech). Zeteras partners plan to ship product this summer.
Bell Micro and StorCase will ship storage systems for small to midsize companies while Netgear will use Zetera technology to go after the consumer market.
CEO Chuck Cortright says the OEM deals were necessary to get VC dough. "It wasn't until we got close though to those signed deals that we got serious with VCs," he says. "Now we know we have enough fuel to make things happen."
Cortright says he will add a few developers and others to build OEM relationships to his 25-person staff. The focus will be on pulling in more OEM partners.