Additional Round of Funding for OnStor

ONStor, Inc., provider of clustered NAS solutions for primary and value-tier storage for enterprises and content-rich organizations, has secured an additional round of funding from its key investors: Mayfield Fund, Foundation Capital, and Sand Hill Capital. The latest round of funding closed earlier this week.

"Given the challenging economic climate, we are extremely pleased with the strong endorsement these leading investors have given to our business strategy and solution portfolio," said Bob Miller, ONStor CEO and chairman of the board. "Their ongoing support reflects the market demand for our scalable NAS solutions in the enterprise. ONStor cuts costs through storage and server consolidation and makes growing a data center simple and cost effective," Miller continued, "Our customer retention rates continue to be well above the industry average, and our goal is to achieve profitability in 2009."

The additional round of funding will be used for ongoing operational expenses and new product development, as well as business growth and marketing programs dedicated to attracting additional IT solution providers and customers.