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Onstor Closes Mezzanine Funding

CAMPBELL, Calif. -- ONStor Inc., the leading provider of scalable clustered network attached storage (NAS) solutions for the enterprise, today announced it has closed a $27 million mezzanine round of funding. New investor Sand Hill Capital joins existing investors Foundation Capital, Mayfield Fund, ComVentures, and Worldview Technology Partners to support ONStor in this final round of funding. Sand Hill Capital is a leading provider of growth capital to emerging, venture-backed technology companies. The mezzanine round closed with a significant increase in corporate valuation as the company simultaneously announced record results for the second quarter of 2007.

We’re delighted that Sand Hill has joined our team of investors and believe that our sales growth proves that the market has validated the requirement for scaleable NAS in the enterprise,” said Bob Miller, ONStor CEO and chairman of the board. “ONStor makes growing a data center easy — and managing growth is the key challenge for most companies today, due to the massive amounts of unstructured data that accumulate on a daily, or even hourly, basis.”

“Later-stage companies with a demonstrated track record offer a great investment opportunity,” said Paul Sestili, General Partner, Sand Hill Capital. “We are impressed with ONStor’s management efficiency and believe they have the right mix of talent, technology, and market demand to ensure a successful investment.”

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