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Storage start-up to announce funding

Spinnaker Networks, a Pittsburgh-based start-up that makes high-end networked storage systems, will announce a new round of venture funding worth more than $20 million on Monday, a company representative said. The company, founded in 1999, hasn't yet begun selling its product. In April 2000, Spinnaker received $20.4 million in a first round of financing from Norwest Venture Partners and Menlo Ventures.

Spinnaker Networks, a Pittsburgh-based start-up that makes high-end networked storage systems, will announce a new round of venture funding worth more than $20 million on Monday, a company representative said.

The company, founded in 1999, hasn't yet begun selling its product. In April 2000, Spinnaker received $20.4 million in a first round of financing from Norwest Venture Partners and Menlo Ventures.