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Marlborough-based Sepaton Inc., a maker of tapeless data storage and backup technologies, has closed a $15.5 million Series F round of funding.
The investment, which brings Sepaton’s total raised to $82 million since its inception in 2001, was led by new investor Focus Ventures, a California-based firm with some big-ticket successes in New England, including investments in Framingham’s Netezza Corp., which raised $124 million in an initial public offering in 2007, and Nashua, N.H.-based EqualLogic Inc., which was sold to Dell Inc. for $1.4 billion last year.
Returning investors in Sepaton include Califorina-based Menlo Ventures, Virginia’s Valhalla Partners, Israel-based Jerusalem Venture Partners and Boston-based HarbourVest Partners.
According to Sepaton president and CEO Michael Worhach, the round was an “up round” and will position the 131-person company to ride out the economic downturn or accelerate growth once the economy turns around.
“We have our foot positioned right above the gas pedal, and while we haven’t pushed it down yet, we are now ready to do so once people start buying (in earnest) again,” he said.
But while officials are making plans for the company with the economy’s downturn in mind, Worhach said the market has not been all that bad to Sepaton. In fact, he said, the company’s revenue in the second half of last year was nearly double that of the first half, and in the fourth quarter, Sepaton reached profitability for the first time.
Sepaton sells its tapeless data backup systems to 1,300, mostly large, customers worldwide, including Yahoo Inc., Verizon Communications Inc., BAE Systems Inc. and Foxwoods Resort & Casino. The company also counts Hewlett Packard Co. as an OEM partner, a relationship that was renewed last year.
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