Virsto Software Adds $5 Million to Oversubscribed Series B Round
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SUNNYVALE, CA, Aug 25 (MARKET WIRE) -- Virsto(TM) Software, an innovative provider of VM-centric storage-hypervisor software, today announced it has executed a follow on investment of $5 million to its June 8 Series B round, bringing the total investment in the round to $17 million. Southern Cross Venture Partners and Correlation Ventures join as new investors in the syndicate that already included InterWest Partners, August Capital and Canaan Partners. Southern Cross was an investor in EvoStor, an Australia-based developer of storage solutions for the VMware market, which Virsto acquired earlier this year. The additional funding will be used to accelerate growth, broaden industry partnerships and expand hiring to support continued innovation in Virsto's products that bring performance, functionality and cost back into line for storage in virtual environments. The company also plans to use the proceeds to enter the VMware market this year. Founded in 2007, Virsto has developed the first multi-platform VM-centric storage hypervisor. A partner of Citrix, Microsoft, and VMware, the company has a proven track record of innovation in storage virtualization software for virtual machines. Virsto's software lets all organizations, including enterprise, private and public cloud customers, change the economics of storage in server and desktop virtualization, increasing performance and management flexibility while dramatically lowering storage costs. Supporting Quotes "After announcing the first tranche of our series B equity round in June, the inbound interest from venture and strategic investors was overwhelming. Given the size of the opportunity we face, we decided to add to our war chest so we can pursue a number of strategic initiatives. The Virsto vision is to transform data storage in virtualized computing and in the process radically alter the economics for our enterprise and cloud customers. This additional capital will allow us to leverage our technology into more markets and expand alliances with hardware, software, and cloud partners." -Mark Davis, CEO, Virsto "Working with Virsto since last year, we've been impressed by the team and their innovative approach. Southern Cross are big believers in the market for storage solutions that solve the unique storage problems caused by virtual computing, and are excited about Virsto's high-leverage, differentiated software business model. The Virsto team has a compelling vision and has proven their ability to execute. We are confident in their ability to deliver a new virtual storage architecture for the benefit of the IT industry at large." -John Scull, Southern Cross Venture Partners "We are very pleased to be co-investing alongside a world-class investor syndicate, backing a highly experienced team building this promising company." -Trevor Kienzle, Correlation Partners Tweet This: @Virsto adds $5 Million to close oversubscribed $17 Million Series B Round with Southern Cross & Correlation Ventures http://bit.ly/n7UNdL Supporting Resources For more information visit: -- Virsto blog -- Twitter @virsto -- YouTube About Southern Cross Venture Partners Southern Cross Venture Partners (http://www.sxvp.com) was launched in 2006 by veteran venture capitalists who have managed and operated companies themselves. Southern Cross Venture Partners assist early stage technology companies that demonstrate the potential for exceptional growth and market leadership build significant businesses. The founding principle of Southern Cross is partnership -- they are passionately committed to doing everything they can to help their portfolio companies succeed. Their team has a strong record of utilizing their start-up and management experience, industry knowledge, network of business/customer relationships, and recruiting skills to assist in building significant shareholder value. About Correlation Ventures Correlation Ventures leverages world-class analytics to offer entrepreneurs and other venture capitalists a dramatically better option when they are seeking additional capital to complete a financing round. The firm makes investment decisions in two weeks or less and offers reliability and transparency about reserves and its intentions to follow in future financings. Correlation Ventures invests across all industry segments, U.S. geographies and investment stages -- from seed through late stage. Correlation Ventures has offices in San Diego and Palo Alto, California. For more information, visit http:/www.correlationvc.com. About Virsto Software Virsto Software delivers no-compromise storage virtualization software for virtual machines: Efficient, Affordable, Agile. Virsto software offers a unique VM-centric storage-hypervisor that delivers high-performance, thin-provisioned snapshots and clones to dramatically improve storage utilization, reduce cost and simplify VM storage provisioning in virtualized environments. Founded in 2007, Virsto Software is backed by leading Silicon Valley venture firms. For more information, visit www.virsto.com. Contact: Julie Tangen Kulesa Faul (831) 425-1083 firstname.lastname@example.org Copyright 2011, Market Wire, All rights reserved. -0-