Tech Industry

Gadzoox raises $8.9 million

Gadzoox Networks, a struggling provider of storage networking equipment, has raised $8.9 million, the San Jose, Calif., company said Thursday. The company sold $3.9 million in stock to Balch Hill Capital and another investor and sold $5 million of a convertible debenture to Berg & Berg Enterprises. The company plans to announce more information about the funding during a Jan. 28 conference call about its financial results for the third quarter of fiscal 2002. The funding will be used to continue pushing the company's Slingshot switch, which can transmit data using the new 2-gigabit-per-second version of the Fibre Channel network technology.

Gadzoox Networks, a struggling provider of storage networking equipment, has raised $8.9 million, the San Jose, Calif., company said Thursday. The company sold $3.9 million in stock to Balch Hill Capital and another investor and sold $5 million of a convertible debenture to Berg & Berg Enterprises. The company plans to announce more information about the funding during a Jan. 28 conference call about its financial results for the third quarter of fiscal 2002.

The funding will be used to continue pushing the company's Slingshot switch, which can transmit data using the new 2-gigabit-per-second version of the Fibre Channel network technology.