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Exanet Raises $18M

RA'ANANA, Israel -- Exanet announced today that it has secured $18 million in its recent oversubscribed round of financing. Exanets current investors include Evergreen Venture Partners, Intel Capital, Microdent, Kodak Polychrome Graphics, CSK Fund (Hitachi) and others. The latest round was led by US fund Coral Capital Management and included QVT Fund LP, a multi-strategy hedge fund, as well as existing investors.

Exanet’s clustered NAS solution delivers a new data storage paradigm to address the trends that are driving the future of data centers: virtualization, standardized hardware, and applications demanding the most extreme standards of performance, capacity and high availability. Exanet’s software-based open architecture delivers the best price/performance in the industry, dramatically increased utilization and, for the first time, offers a no end-of-life storage solution. Exanet has been adopted by customers ranging from traditional enterprises such as manufacturing and graphic arts to next generation ventures, including telecom, active archiving, digital broadcasting, video surveillance and storage service providers. Some 100 customers worldwide manage over 3 Petabytes of content using Exanet software. With headquarters in Israel, US headquarters in New York and offices in Europe and the Pacific Rim, Exanet sells its flagship ExaStore – ICM (Intelligent Cluster Management) solution through its channel partners worldwide.

Dr. Giora Yaron, Founder and Chairman of Exanet, said, “This recent round of investment is intended to fuel the already strong momentum in worldwide sales that the company has been experiencing. The funds will be utilized mainly to ramp up the company’s sales and marketing resources. This round is anticipated to take the company through profitability.”

“We are pleased that Coral Capital Management, QVT and our current shareholders have all shown strong confidence in our ability to grow Exanet to become a leading company in the storage domain. The year 2006 has been a breakthrough year for us with our products chosen by world-class clients like NASA, Bertelsmann, National Library of France, BBC, France Telecom and others. It is our goal to add many new customers during the coming years and we believe that the window of opportunity is open for us now to do it,” said Rami Schwartz, CEO of Exanet.

Exanet Inc.