Agami raising $50 million — for yet another storage company

Agami, a Silicon Valley storage company with high-profile venture backing, is doing what any self-respecting company in the sector should do these days: Raise a large amount of money before the opportunity melts away.

The company confirmed to VentureBeat that it is negotiating to raise up another round of venture capital, with regulatory filings suggesting it could as much as $50 million. The company hasn’t completed the round yet. The company competes against an array of other storage companies, including some that have gone public recently, such as 3Par (coverage). Like 3Par, Agami offers products that are compatible with virtualization, which is hot within companies right now. Many of the public storage companies, such as 3Par, are losing money.

It’s a great time to raise money or go public because investors — VCs and institutional – are still feeling flush with cash. We’re in a time when lots of money is sloshing around; all that could change quickly if oil prices and the real estate credit crunch continue to take their toll on the economy.

The company has been secretive about its previous backing. It has already raised $64 million since 2003. This round will be its third. Previous backers of Agami, according to regulatory filings, include Kleiner Perkins, along with Advanced Equities, DAG Ventures, Apex Venture Partners, Alta Partners and New Enterprise Associates.

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