Monday, January 26, 2009

Waltham’s xkoto raises $3M in VC funds

By Mass High Tech staff

Database virtualization firm xkoto Inc. has announced its latest funding of $3 million to grow its sales and customer acquisitions. Return backers GrandBanks Capital and GrowthWorks Canadian Fund supported the financing.

The company has amassed $13 million since it was founded in 2005. Most recently, xkoto recorded 275 percent growth in the fourth quarter of 2008, and it added record sales to its tally last year. Waltham-based xkoto develops the GridScale, in which the same principles that have permeated storage and application virtualization — the replication of large amounts of data for use in other locations without new hardware and infrastructure — applies to database information.

In February 2008, the company announced moving its corporate headquarters from Toronto to Waltham, where sales, marketing, finance and operations runs. The Canadian office houses engineering and customer service. At the time, CEO David Patrick, a former general manager of Waltham’s Novell Inc., said each location was on a hiring track to nearly double its employee numbers by December 2008.