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Tech Industry

StorageWay gets $42 million

StorageWay announced on Thursday that it received a $42 million third round of funding, led by Matrix Partners and Redpoint Ventures. StorageWay also attracted investments from GE Equity, Lighthouse Capital Partners, Montreux Equity Partners, Needham Capital Partners, Sands Brothers, Wheatley Partners and Worldview Technology Partners. The latest round is expected to take the storage-area network company to profitability by the end of next year, said Chief Executive Kim Fennell. StorageWay manages the storage and backup of its customers' data, and its technology allows them to put multiple customers on a single storage system while still maintaining customer security, Fennell said. The Fremont, Calif.-based company has raised a total of $98 million and received a decline in valuation with its latest round. See complete list.

StorageWay announced on Thursday that it received a $42 million third round of funding, led by Matrix Partners and Redpoint Ventures. StorageWay also attracted investments from GE Equity, Lighthouse Capital Partners, Montreux Equity Partners, Needham Capital Partners, Sands Brothers, Wheatley Partners and Worldview Technology Partners. The latest round is expected to take the storage-area network company to profitability by the end of next year, said Chief Executive Kim Fennell. StorageWay manages the storage and backup of its customers' data, and its technology allows them to put multiple customers on a single storage system while still maintaining customer security, Fennell said. The Fremont, Calif.-based company has raised a total of $98 million and received a decline in valuation with its latest round. See complete list.