Monday, May 5, 2008

Leostream lands $3M in first funding round

By Mass High Tech

Virtualization software developer Leostream Corp. has closed on $3 million in Series A funding.

CEO Mike Palin said the Waltham-based company planned to release details on the financing in coming weeks. However, the Series A was led by Meakem Becker Venture Capital, a Pennsylvania-based venture capital firm, according to a report on website PEHub.

Leostream was founded in 2002 by David Crosbie, who is now listed as the company's CTO. He had previously founded Adero Inc. and Bluesocket Inc., a wireless networking firm in Burlington. In 2001, COLT Telecom Group plc acquired Adero for an undisclosed amount.

Palin is the former CFO of Sitara Networks Inc., a Waltham-based quality-of-service software developer.

Leostream develops applications that run on top of server virtualization, according to the company website.