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Xiotech nabs $40 million in funding

Steve Luczo, Seagate Technology's chairman, leads the round of funding.

Xiotech announced Tuesday it received $40 million in a funding round, led by Steve Luczo, Seagate Technology's chairman.

Xiotech, a data storage company, will use proceeds from the investment round to bring so-called advanced storage architecture technology it acquired from Seagate to market. Xiotech also announced that Luczo will sit on its board of directors.