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Storage start-up gets $20 million, new CEO

Maxxan, a San Jose, Calif., company trying to make networks of storage devices more powerful and cheaper to run, has named Vic Mahadaven chief executive and has secured $20 million in funding, the company said Tuesday. The funding was an extension of an earlier financing round in May by Venrock Associates and U.S. Venture Partners. New funding came from Lucent Venture Partners, Ironweed Capital, Trellis Partners, UMC, United Investment, the China Development Industrial Bank, Premier Capital Management and Western Technology Investment. Mahadaven had been head of Compaq's storage division from 1995 to 1997 and CEO of iVita, a software company that helped companies keep track of their assets. Maxxan co-founder and former CEO Lih-Sheng Chiou now is chairman and vice president of engineering.

Maxxan, a San Jose, Calif., company trying to make networks of storage devices more powerful and cheaper to run, has named Vic Mahadaven chief executive and has secured $20 million in funding, the company said Tuesday. The funding was an extension of an earlier financing round in May by Venrock Associates and U.S. Venture Partners. New funding came from Lucent Venture Partners, Ironweed Capital, Trellis Partners, UMC, United Investment, the China Development Industrial Bank, Premier Capital Management and Western Technology Investment.

Mahadaven had been head of Compaq's storage division from 1995 to 1997 and CEO of iVita, a software company that helped companies keep track of their assets. Maxxan co-founder and former CEO Lih-Sheng Chiou now is chairman and vice president of engineering.