Exanet raises $18 million in round of financing led by Coral Capital Management

(PresseBox) ( Dortmund, )
Exanet announced today that it has secured $18 million in its recent oversubscribed round of financing. Exanet’s current investors include Evergreen Venture Partners, Intel Capital, Microdent, Kodak Polychrome Graphics, CSK Fund (Hitachi) and others. The latest round was led by US fund Coral Capital Management and included QVT Fund LP, a multi-strategy hedge fund, as well as existing investors.

Exanet’s clustered NAS software is designed to address the trends driving the future of data centers: virtualisation, standardised hardware and applications demanding the most extreme standards of performance, capacity and high-availability. Exanet’s software-based open architecture delivers the best price/performance ratio in the industry, dramatically increased utilisation and, for the first time, offers a no end-of-life storage solution. Exanet has been adopted by customers ranging from traditional enterprises, such as manufacturing and graphic arts, to next generation ventures including telecommunications, active archiving, digital broadcasting, video surveillance and storage service providers. Some 100 customers worldwide manage over three petabytes of content using Exanet software. With headquarters in Israel, US headquarters in New York and offices in Europe and the Pacific Rim, Exanet sells its flagship ExaStore – ICM (Intelligent Cluster Management) solution through its channel partners worldwide.

Dr Giora Yaron, Founder and Chairman of Exanet, commented: “This recent round of investment is intended to fuel the already strong momentum in worldwide sales that the company has been experiencing. The funds will be utilized mainly to ramp up the company´s sales and marketing resources. This round is anticipated to take the company through profitability.”

Exanet CEO Rami Schwartz added: “We are pleased that Coral Capital Management, QVT and our current shareholders have all shown strong confidence in our ability to grow Exanet to become a leading company in the storage domain. The year 2006 was a breakthrough year for us with our products chosen by world-class clients like NASA, Bertelsmann, National Library of France, BBC, France Telecom and others. It is our goal to add many new customers during the coming years and we believe that the window of opportunity is open for us now to do it.”

Yuval Almog, Senior Managing Director at Coral Capital Management, said: that, “We were highly impressed by Exanet’s strong market traction, already significant customer list and promising pipeline in the large and extremely fast growing NAS market.” Following the investment, Yuval Almog will be joining Exanet’s board.
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