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SANRAD Secures $8 Million in funding round.

  • 30 August, 2004 16:58

<p>Australian Distributor:
Westan Pty Ltd
Storage &amp; Systems Division
Ken Anderson: Division Director
Patrick Doyle: Product Manager
(03) 9541 8888
Press Contact:
Philip Jackson
National Marketing Director
or 0417 509 810</p>
<p>SAN FRANCISCO, Calif., August 2, 2004 – SANRAD Incorporated, a leader in developing and delivering intelligent iSCSI IP SAN solutions, today announced that it has closed a funding round of $8 million with leading venture capital firm Sequoia Capital as the principal investor.</p>
<p>The capital raised in SANRAD’s latest funding round will mainly be used to continue the company’s aggressive market expansion with its IP storage networking solutions into computing environments throughout the world. In addition to expanding sales, marketing and support, SANRAD will also use a portion of the funds to bring future products to market and to facilitate its previously announced development of worldwide headquarters in California’s Silicon Valley.</p>
<p>iSCSI technology facilitates the creation of SANs (storage area networks) based on IP and simplifies storage management over distance. Analysts are forecasting that the iSCSI market will grow from $216 million in 2003 to slightly over $1 billion by the end of this year. By 2007, the market is expected to reach almost $5 billion.</p>
<p>“SANRAD has been riding a growing upsurge of sales success in all geographic regions and experiencing greater interest in our solutions from tier one global IT leaders. Our new investment partner, Sequoia Capital, not only provides us with the financial resources needed to capitalize on our forward momentum, but delivers vast experience in growing leading enterprises and adds strategic depth associated with a top level venture capital firm,” said Uli Gal-Oz, SANRAD CEO. “The funds raised from Sequoia Capital, a firm that has fueled more then 300 companies to success, underscore the fact that we are poised for rapid expansion and in a position to capitalize on opportunities in the IP storage arena.”</p>
<p>“The iSCSI market is one that will help solve the storage and networking problems faced by real-world customers needing a better method of managing their ever-expanding corporate data,” said Haim Sadger, Sequoia Partner. “Our investment in SANRAD underlies our core belief that businesses will search out and buy iSCSI products because they can actually solve the pain that many are feeling in trying to stay out from under this avalanche of information.”</p>
<p>SANRAD and its iSCSI V-Switch solutions are well regarded in industry circles. The company was recently recognized by VAR Business magazine for outstanding achievement in technology innovation, its V-Switch winning the Tech Innovators Choice Award in the storage category. The V-Switch 3000 was also honored as one of the top three networking equipment “Products of the Year” from Storage Magazine. The company was singled out by California Governor Arnold Schwarzenegger for its decision to build its global headquarters in the state of California.</p>
<p>Also participating in this latest round of funding is the RAD Group, which previously led two private series with the company.</p>
<p>About Westan Pty Ltd</p>
<p>Westan Pty Ltd established in 1989 is a technology distribution company with offices and warehousing across Australia. Initially specializing in components and peripherals Westans offerings now include: servers, workstations, notebooks, wireless solutions, audio visual solutions, home theatre solutions and a PC &amp; server production facility. In addition Westan has a storage division offering SAN, DAS, NAS, tape libraries &amp; tape drives, and a communications division specializing in telephony solutions.</p>
<p>About SANRAD</p>
<p>SANRAD is the leader in IP Storage Networking, enabling hundreds of organizations worldwide to effectively access, share and manage storage across standard Ethernet environments. SANRAD delivers a new dimension in the continuity and simple management of vital business information by coupling standard IP connectivity with network-based storage services to create IP-based Storage Area Networks. SANRAD IP SANs enable full data availability, effective resource provisioning and complete data protection with excellent price/performance. SANRAD’s U.S. sales, marketing and support offices are located in Silicon Valley/San Francisco Bay Area, Calif., with research and development and international sales offices in Tel Aviv, Israel. SANRAD is a member of the RAD Group, a family of more than 20 independent companies that together make up one of the largest multi-national revenue producers in networking.</p>

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