Wednesday, February 20, 2008

Incipient caps off $15M fifth round

Storage virtualization software maker Incipient Inc. reports closing its $15.6 million Series E round of venture capital funding.

Incipient, which is based in Waltham, plans to use the new funding to expand its sales and marketing initiatives, company officials said.

The funding increases capital invested in Incipient to $94 million. The company was founded in 2001.

Incipient closed on the first $12 million portion of this fifth round in December 2007.

The 65-employee Incipient develops enterprise-class storage virtualization and automated data migration software solutions. Investors include Globespan Capital Partners, GrandBanks Capital, HLM Venture Partners, Greylock, QuestMark Partners, Sigma Partners, and Wasatch Advisors, officials said.

In October 2007, Unisys Corp. agreed to supply Incipient's storage virtualization and data migration software in Europe. Earlier in the year, Incipient won its fifth patent for virtualization technology.