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History 2000: Storagenetworks Raised $103 Million, Total Funding at $205 Million

From Dell Computer, Global Crossing and others

Storagenetworks raised $103 million from Dell Computer, Global Crossing and others in a third round of financing.

This brings the total funding to $205 million since its incorporation in August 1998.

Michael Lambert, SVP of Dell’s enterprise systems group also joined the board of the storage services provider.

It serves 85 customers via 14 storage points-of-presence, which should grow to 65 this year, with fiber optic links allowing long-distance connections up to 30 miles away, for companies looking to outsource their storage needs.

This article is an abstract of news published on issue 145 on February 2000 from the former paper version of Computer Data Storage Newsletter.

Note: Storagenetworks closed an IPO in 2000, raising $260 million, then closed; the biggest clash for a storage start-up