ExaGrid Got $16 Million in Fifth Funding Round

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ExaGrid stores away $16M in fifth funding round
Westborough-based storage company ExaGrid Systems Inc. has landed $16 million in a Series E round of funding, according to federal documents.

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Eight million came from Investor Growth Capital, the other part from current investors (Highland Capital Partners, Lehman Brothers Venture Partners and Sigma Partners).

Born in 2002, ExaGrid Systems, formerly Inspection System, was founded by former employees of HighGround Systems.

The start-up is involved in one of the current more successful storage technology: D2D backup with byte-level de-duplication.

The company announced last October that it increased sales by 19% from 2Q09 to 3Q09 with international revenues comprising 14% of the total, and that it grew 15 out of the last 16 quarters with 9 consecutive growth quarters. Furthermore it said to have 1,600 systems installed in more than 700 unique locations at over 450 customers or the the industry’s second-largest installed base of disk-based backup appliances (behind EMC/Data Domain) with de-dupe in the SMB market.

It got formerly $13.5 million in funding in 2005, $20 million in 2007 and $12 million in 2008.