Intransa, a San Jose company that offers a network storage product, has raised a $2.7 million more as part of a total $12 million round of capital to help relaunch the company after a nasty fight in late 2005 resulted in the departure of its chief executive.
The latest stash of capital came from new investor Entrepia Ventures. The rest of the $12 million was received last year, in a tranche led by Guggenheim Venture Partners, and including Menlo Ventures and U.S. Venture Partners.
The company had raised about $73 million before chief executive Avi Katz left in late 2005, after differences with the board. We mentioned a legal dispute here, though we’re not certain what the result was.
From the company’s statement:
“This completes our current financing effort,” stated Bud Broomhead, CEO of Intransa. “I am extremely excited about having a global investor like Entrepia join Intransa, demonstrating the growing impact of our technology worldwide.” Intransa received additional investment in the fourth quarter of 2006 from Guggenheim Venture Partners, Menlo Ventures and US Venture Partners, for a combined total of more than $12 million.
Entrepia president Amit Srivastava joins the Intransa board of directors following this investment. “Intransa’s next generation IP storage technology is already being adopted by customers in high growth markets such as video surveillance, IPTV, video on demand, medical imaging, and data warehousing,” said Srivastava. “Entrepia seeks to invest in companies with rapid growth potential, and only Intransa has the technology to address all these high growth markets and leverage their existing domestic and international customer base and partnerships to ensure success.”
Intransa has been shipping IP storage solutions since 2003 to customers around the world, and recently launched its latest generation systems, offering higher speed 2Gbit/second interfaces. A 10Gbit/second IP version, for ultra high performance requirements that exceed those previously addressed only by more costly and complex Fibre Channel systems, is in beta test with several customers.
“The new 2Gbit and 10Gbit technologies from Intransa enable a whole range of new applications that previously were limited by the cost and complexity of direct attached storage or Fibre Channel storage area networks,” continued Broomhead. “The ability to scale performance by adding additional Intransa storage controllers will meet a variety of application needs, while the matching ability to scale capacity independently by adding storage enclosures addresses an entirely different set of customer requirements. Of the vendors in the storage area network market, only Intransa truly offers that flexibility.”
Intransa sought additional funding to better enable the worldwide launch of its next generation IP SAN product, which became generally available in March. Additional research and development efforts continue as customers find new markets and opportunities to deploy Intransa’s advanced, scalable IP SAN solutions, purchased through StorPartner program members worldwide.