Data Domain Secures $15 Million in Funding -- Additional Capital Raised To Build Out Companys Lead In Next-Generation Data Protection Technology
Data Domain announced today that it has secured $15 million in Series C funding, led by Greylock Partners and joined by New Enterprise Associates and Sutter Hill Ventures.
PALO ALTO, Calif. (PRWEB) August 1, 2005 -- Data Domain, the leading provider of Capacity Optimized Storage solutions, today announced that it has secured $15 million in Series C funding. The new funding, led by Greylock Partners and joined by investors New Enterprise Associates (NEA) and Sutter Hill Ventures, brings Data Domains total funding to $41 million. Data Domain will use the funds to accelerate its product roadmap and expand its global support and distribution network.
Data Domains next-generation data protection solutions are based on its patent-pending Capacity Optimization technology which effectively drives the cost of disk backup storage down to the cost of tape-based infrastructure, but with much better performance, reliability and Total Cost of Ownership (TCO). Since shipping in February 2004, Data Domain has seen fast traction with more than 100 enterprise customers now deploying its disk backup appliances.
Data Domain is the best deal in disk backup storage by a wide margin. Taking the cost of disk backup storage down to well below $1/GB has redefined the economics of this business," said Frank Slootman, president and CEO of Data Domain. The additional funding will enable us to get the word out and support our accelerating growth in all major markets with best-in-class technology, support and distribution.
Greylock is one of Data Domains first investors," said Aneel Bhusri, general partner with Greylock. Our continued desire to invest in the company reflects our strong confidence in the market, the technology and the team behind the company. The growth and traction the company has seen since it started shipping 18 months ago is very impressive."
About Data Domain
Data Domain is the leading provider of Capacity Optimized Storage solutions. Through advanced Capacity Optimization, data invulnerability and replication technologies, Data Domain systems enable storage of backup/recovery data through traditional backup software to be simpler, smaller, faster, and more reliable. Visit us online at www.datadomain.com.
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