Thursday, December 18, 2008

ExaGrid VC round raises $12M

By Mass High Tech staff

ExaGrid Systems Inc., a Westborough developer of disk-based backup solutions, has pulled in $12 million in a fourth round of venture capital funding. The Series D financing brought back investors Highland Capital Partners of Lexington, Lehman Brothers Venture Partners in New York and Sigma Partners of Boston, an ExaGrid official confirmed.

The funding comes just over a year since ExaGrid’s Series C round, which brought in $20 million, raising the company’s total venture capital at the time to $65 million.

Founded in 2002, ExaGrid develops disk-based backup systems to replace disk-to-tape data protection. The company offers data compression and byte-level data de-duplication technology.