ProStor Systems Completes Series B Financing of $12.2 Million led by Sutter Hill Ventures
Boulder, Colo. – June 14, 2006 – ProStor Systems, a provider of removable disk storage solutions, today announced that it has secured $12.2 million in Series B funding, bringing the current investment in ProStor Systems to $18.4 million. The financing was led by Sutter Hill Ventures, based in Palo Alto, CA. Original ProStor Systems investors New Enterprise Associates (NEA) and Boulder Ventures also participated in the round. The additional funds will be used to develop and sell the company’s portfolio of RDX TM removable disk storage solutions as well as to expand its worldwide marketing and branding efforts.Sutter Hill Ventures is one of the oldest and most respected venture firms in the information technology industry with a long history of successful investments in data storage companies, including StorageTek, Network Appliance, Quantum, Legato and LSI Logic.
Representing Sutter Hill on the ProStor board of directors is Ron Bernal. Bernal brings over 25 years of experience in executive management in large technology companies such as Silicon Graphics and Cisco Systems, in leadership of successful technology startups and in venture investing.
“ProStor’s seasoned management team has developed what we believe will become the next standard in removable storage for data backup and archive applications,” said Ron Bernal. “ProStor Systems’ RDX removable disk cartridge is the first product to offer simple data protection for the entry-level user while providing a roadmap that scales up into enterprise applications where magnetic tape is commonly used today,” he added.
“This financing from leaders in the IT investment community is a strong vote of confidence for ProStor’s vision of making data protection and archive more affordable, more reliable and easier to use,” said CEO and President Steve Georgis. “We are delighted to be part of the Sutter Hill family,” he said.
About Sutter Hill Ventures
Sutter Hill Ventures is a venture capital firm that finances technology-based start-up and early-stage companies that pioneer products or services in growth markets, especially those in information technology and health care. Founded in 1964, it is one of Silicon Valley’s original venture capital firms. Some of the companies backed by Sutter Hill include: Network Appliance, Legato, Quantum, StorageTek, Data Domain, Alteon, Linear Technology, nVidia, and BroadVision. www.shv.com
About ProStor Systems
ProStor Systems develops, manufactures and markets RDXTM technology, the industry’s first removable disk cartridge technology and the heir to tape storage for backup, disaster recovery and archive applications. RDX TM technology brings enterprise-class reliability and data protection to servers, networks and professional workstations at an affordable price. For more information about ProStor Systems, visit www.prostorsystems.com or contact the company at info@prostorsystems.com or 303 565-3100. For press and analyst inquiries, contact Susan Merriman at 303 565-3109 or PR@prostorsystems.com .
