Virsto Software Adds $5 Million to Oversubscribed Series B Round

Thu Aug 25, 2011 8:05am EDT

* Reuters is not responsible for the content in this press release.

  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
julie@kulesafaul.com 

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