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Nexsan Technologies Raises $17M Series A Round
By Emily Westhafer
12/17/2003	Woodland Hills, Calif.

Nexsan Technologies, provider of high-performance data storage products, said it has raised $17 million in its Series A round.

New investor VantagePoint Venture Partners led the round. RRE Ventures, also a new investor, participated along with existing investor Gesfid First Gen-e, and individual investors. CEO Martin Boddy said the company has reached break-even and has been profitable for the last two months.

This was the company's fourth round, but Mr. Boddy said the previous three were all seed money.

The funds will be used for new product development and sales and marketing. In addition to the financing, David Fries and Geoff Mott, both managing directors at VantagePoint, have joined Nexsan's board along with Richard McGinn, general partner at RRE.

Mr. Boddy said the company began raising the round in January. The round took three months longer to raise than expected due to investor interest. The company was initially seeking $12 million, but decided to take more to allow RRE to join the round.

Prior to this round, Nexsan most recently raised $3 million in September 2002. The company has raised $27 million to date.

http://www.nexsan.com/

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