Coraid Closes $25M Series B Financing

Coraid Inc., a Redwood City, CA-based developer of Ethernet Storage Area Network solutions, has closed a $25m Series B financing.
The round was led by Menlo Ventures, with participation from existing investors Allegis Capital and Azure Capital Partners. Coraid closed it first $10m round of Series-A funding in late 2009.
In conjunction whith the funding, John W. Jarve, managing director of Menlo Ventures, is joining the company’s board of directors. Other members include:
– Audrey MacLean, Chairman of the Board;
– Kevin Brown, CEO of Coraid;
– Brantley Coile, CTO and founder of the company;
– Bob Kavner, former CFO of AT&T and CEO of OnCommand Corporation;
– Pete Bodine, general partner at Allegis Capital;
– Paul Weinstein, founding general partner at Azure Capital Partners.
Coraid intends to use the funds to accelerate the development of its technologies and provide enterprise-class support to over 1,200 customers worldwide.

The company designs and manufactures a full line of computer data storage products – branded under our trade name EtherDrive storage -, which are designed to provide enterprises of all sizes with a flexible tier of high performance Ethernet SAN storage. Its products are supplied through technology channel partners operating around the world.



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