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Egenera Inc. has secured $1 million of a $2 million inside debt financing round, company officials confirm.
The funds are intended to give the Marlborough-based data infrastructure virtualization company a cushion of operating capital for the fiscal year. With $176 million invested since its October, 2000, founding, Egenera expects to reach profitability by the end of 2009.
Success in Asian markets and with U.S. government contracts has the company on track to meet its goal, said chief marketing officer Christine Crandell.
Crandell said the company is getting traction with data infrastructure building efforts in fast-growing Asian markets, and with U.S. stimulus-package initiatives including health care, infrastructure and air traffic control. The air traffic project is too premature to discuss, she said, but if completed it will be a significant upgrade to the Federal Aviation Administration’s flight control systems.
“It’s one that for everyone who lives on a plane like I do will cause us a sigh of relief,” Crandell said.
Egenera’s PAN Manager system is designed to reduce cost and complexity in managing mission-critical systems. Last November, the company cut 87 employees, reducing its worldwide staff by 28 percent. The move coincided with a shift in emphasis. The company now focuses on sales of its PAN manager system through an original equipment manufacturer relationship with Dell Inc. (Nasdaq: DELL).
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