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SAN DIEGO, Calif. – September 18, 2007 – Nirvanix, Inc, provider of the first storage delivery service optimized for media applications, today announced that it has closed a $12 million equity financing round led by Mission Ventures and Valhalla Partners with participation from Windward Ventures. Nirvanix will use the funds to expand its business-to-business Storage Delivery Service (SDS) globally. The recently launched Nirvanix SDS already has more than 40 customers worldwide using the service.
"We are excited to lead this round of funding in a company that is revolutionizing the way user-generated content is stored and delivered to media applications," said David Ryan, Managing Partner of Mission Ventures. "We are at the intersection of the explosive growth of digital media and the requirement to add online storage to access and share this media from anywhere. Based on our extensive market and technical analysis, Nirvanix's platform is perfectly positioned to capitalize on this growth."
Nirvanix was founded by a team of storage and content delivery veterans from EMC, Brocade, McDATA, Apple, Intel, Microsoft, and Yahoo who recognized the need for a scalable storage service that would power the backbone of web applications and services. The Nirvanix service has been built from the ground up to support Internet-scale media storage requirements and to remove the barriers of managing and storing billions of files for millions of users.
"Nirvanix has a tremendous clustered file system architecture that delivers breakthrough performance and global scalability for media-focused business and their millions of users," said Charles Curran, General Partner of Valhalla Partners. "As a leading investor in storage, we are not only impressed by the Nirvanix technology and market opportunity, but also the proven management team led by Patrick Harr."
"This financing is clear validation of the experience of our team, the strength of our technology, and our explosive market opportunity," said Nirvanix CEO Patrick Harr. "We are excited to team with these leading venture firms in content delivery networks and storage to deliver the most reliable and scalable global storage delivery service for media."
Nirvanix provides businesses with next-generation storage-as-a-service (SaaS), and is addressing the challenges associated with the explosive growth of user-generated content and the corresponding demand for storage. The company's Internet-scale storage delivery service, powered by the patent-pending Internet Media File System (IMFS), empowers developers with a powerful, yet affordable solution for storing and distributing user-generated content and other digital media. It provides dynamic load balancing for peak performance; intelligent uploading/downloading to accelerate access; clustered architecture for enhanced data protection; and global namespace for unlimited scalability. The platform is fully redundant in every layer of its infrastructure, includes RAID-6 data protection, is supported by 24/7 operations, and comes with the industry's only guaranteed service level agreement.
Mission Ventures helps build successful enterprises in Southern California and creates superior returns on investment for its investors. This is accomplished by investing in the most promising early-stage companies in high growth, emerging markets, and providing significant assistance to those companies as they develop. The Partnership brings value-added capital, experience, management talent, and guidance to the most outstanding and innovative ideas and entrepreneurs in the region. For more information, visit www.missionventures.com.
Valhalla Partners is a leading venture capital firm focused on working closely with entrepreneurs to build enduring technology companies. Valhalla assists entrepreneurs by offering both seasoned advice and best practices that have been developed over the last twenty years. During that time, the Valhalla team has invested in or served as senior executives in over 100 entrepreneurial companies. For more information, visit www.valhallapartners.com.
Windward Ventures is a classic venture capital partnership organized in 1997 to produce superior investment returns by providing capital and management assistance to early stage, high growth companies in Southern California. The firm manages a dedicated pool of capital provided by a group of institutional investors, wealthy individuals and successful entrepreneurs. In addition, the firm occasionally manages direct investments on behalf of its limited partners. The partners of Windward Ventures have extensive experience as venture capital investors, senior managers, and entrepreneurs.
With over 40 customers, including some of the world's leading media application vendors, Nirvanix is the premier provider of Internet storage optimized for media. The Nirvanix Storage Delivery Service (SDS) dramatically shortens time-to-market, reduces costs, and provides flexibility and control for business integrating Internet-scale online storage to their applications. Founded in 2007, Nirvanix is a privately held company headquartered in San Diego, California. For more information about the company and its services, visit www.nirvanix.com.
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