• 09/29/2003
    9:30 PM
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Incipient Ropes In Another $10M

Virtualization startup tops off second round but still won't say exactly what it's doing
Storage virtualization software startup Incipient Inc. said today that its investors have topped off its Series B funding round with an additional $10 million, upping the company's second round to $25 million (see Incipient Raises $10M More and Incipient Raises $15M Series B).

New investor HLM Venture Partners led the latest round, which brings Incipients total funding to date to $35 million. Another new investor, Essex Investment Management Co. LLC, along with all of the startup's existing investors -- including Greylock, Globespan Capital Partners, and Sigma Partners -- also participated in the round.

“This is a complete homerun for us,” says Edward Durkin, who was recently named Incipient’s CFO (see Incipient Appoints CFO). “We think it’s a great validation of the progress we’re making... The company is very well funded and capitalized right now.”

The Waltham, Mass.-based startup will use the additional funds to expand its sales, marketing, and product development efforts, with plans to augment its staff of about 60 employees, Durkin says.

While VC funding has been picking up for storage startups in recent months, raising a B-round of $25 million is quite an accomplishment for any software startup, and especially for one that has yet to completely reveal what it’s working on, or even officially name its product (see The Billion-Dollar Slump and Incipient Is Latent).

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