Waltham, MA February 20, 2008 - Incipient, Inc., a leading provider of enterprise-class storage virtualization and automated data migration software solutions, announced today that it has closed a $15.6 million Series E round of funding from existing investors including Globespan Capital Partners, GrandBanks Capital, HLM Venture Partners, Greylock, QuestMark Partners, Sigma Partners, and Wasatch Advisors, as well as a new investor. Incipient will use this new funding to expand global sales and marketing initiatives for its enterprise-class award winning storage virtualization and automated data migration software solutions now being used by leading financial services organizations to automate and virtualize their data center operations.
"We are pleased with the continued steadfast support and confidence of this storage-savvy investor group participating in this latest round of funding," said Ric Calvillo, CEO and co-founder of Incipient. "Over the last year we have seen a dramatic increase in customer traction and interest in both our storage virtualization and automated data migration solutions within the financial services market segment. We see this interest accelerating globally over the upcoming year as we uniquely address the desire by large financial services accounts to automate and virtualize data center operations to manage complexities associated with storage growth and business service requirements."
"The need to automate and virtualize data center operations is a top priority for global financial services entities and Incipient is uniquely well-positioned to capitalize on this rapidly evolving market opportunity," said Bill Helman, general partner, Greylock. "We look forward to working with and continuing to support Incipient as they execute on the major market opportunity they are now prepared to exploit with their enterprise-class solutions."