Thursday, November 8, 2007

ExaGrid pulls in millions in Series C round

ExaGrid Systems Inc. reports receiving a Series C round of funding led by new investors.

Westborough-based ExaGrid, which develops disk-based backup solutions, recently closed on a $20 million round of funding led by new investor Lehman Brothers Venture Partners. Other investors include Lexington's Highland Capital Partners and Boston's Sigma Partners, company officials report.

The financing, which raises the total amount of venture capital invested in ExaGrid to $65 million, is expected to fund additional sales and marketing activities, according to the company.

ExaGrid was founded in 2001, and employs 91 workers.