Charles River Ventures adds $11M to cloud storage development

By Mass High Tech Staff

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Waltham-based investor Charles River Ventures, along with Menlo Ventures of California, has led an $11.37 million funding round to finance Parascale Inc. in developing cloud storage capacity for rich media content.

Parascale, located in Cupertino, Calif., plans to use the funding for product development and marketing initiatives in preparation for the launch of Parascale Cloud Storage, which aggregates disk storage on multiple standard Linux servers providing one storage cloud, accessible via standard file access protocols.

Founded in 2004 by industry veteran Cameron Bahar, Parascale’s primary markets are media and entertainment.

Charles River Ventures has funded several other storage networking companies in the past including Nashua, N.H.,-based software and hardware storage networking firm EqualLogic Inc., acquired by Dell Inc. in November for $1.4 billion; Lexington-based Revivio Inc., a maker of data protection platforms; and storage networking equipment maker Acopia Networks Inc. of Lowell.

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