Portfolio News
FOR IMMEDIATE RELEASE
Copan Systems Announces $32.4 Million Series D Funding Led by Battery
Growing Storage Innovator Leverages New Capital to Propel Technology Development, Increase Market Share and Expand Global Footprint
LONGMONT, Colo. - September 17, 2007 – COPAN Systems, the leader in persistent data storage based upon its intelligent, enterprise-class enhanced MAID (Massive Array of Idle Disks) platform, today announced $32.4 million series D venture funding. Led by Battery Ventures, the round also includes participation from existing COPAN Systems investors, Austin Ventures, Globespan Capital Partners, Pequot Ventures, Credit Suisse, Gold Hill Capital, Presidio STX and NTT Leasing Capital (USA). At a time when IDC predicts a 2006-2011 compound annual growth rate close to 60 percent for worldwide disk storage systems, COPAN Systems will use the capital to fuel investment in next generation technologies; expand sales efforts with an emphasis on Europe, Asia Pacific and Japan; and increase marketing and promotional activities. COPAN Systems has raised $88.4 million to date.
"We are betting on an experienced team, with patented technology in a large and growing market, and lots of momentum behind them,” said Mike Scanlin, partner at Battery Ventures. “There is a massive migration from tape-based backup to disk-based backup in large enterprises. In addition to the inherent advantages of disk such as backup speed, restore speed, and de-duplication, Copan has an elegant solution with the highest density and power savings advantages. Today’s data centers are already storing massive amounts of data and it will continue to grow exponentially, so when those terabytes draw less power, it makes a huge impact.”
Founded in 2002, COPAN Systems is the first company to fully leverage MAID technology for the enterprise customer. The company’s enhanced MAID platform was designed specifically for the long-term protection and accessibility of an organization’s persistent data. With a customer base that is not only doubling annually, but dominated with marquee, Fortune 500 names, COPAN Systems, through its turnkey Revolution Series products, empowers enterprise users to take full advantage of the value often trapped in mature and infrequently accessed data.
“As the storage industry continues to heat up and organizations increasingly struggle with exponential data growth, this latest round of venture funding from our prestigious roster of investors is a resounding testament to the unique value the COPAN Systems’ MAID platform provides our enterprise customers,” said Mark Ward, CEO and president of COPAN Systems. “With this capital, we will continue to bring to market reliable, energy efficient and cost-effective solutions for the long-term protection and accessibility of persistent data.”
With an annual compound growth rate exceeding 100 percent in many enterprises the amount of persistent data organizations are required to store is growing at an alarming rate — leading to increased data center power and cooling costs — while at the same time there is a global movement underway to decrease energy consumption in the enterprise. With a solution the saves up to 85 percent of energy used by traditional disk array solutions, COPAN Systems is fully committed to reducing the consumption of energy in the data center. In April, the company became the first storage company to join the Green Grid and is now actively involved in the consortium's technical working committees. In addition, as a result of the energy efficiency of the MAID platform, Pacific Gas and Electric (PG&E) is offering an end-user energy incentive rebate directly to companies who deploy COPAN energy efficient MAID storage.
About COPAN Systems
COPAN Systems is the leading provider of intelligent, enterprise-class, enhanced MAID storage solutions that unlock the value of long-term, persistent data. Its energy efficient storage solutions reduce power and cooling costs in the data center with enhanced MAID’s unique ability to spin the hard drives only as needed to dramatically conserve power and lengthen the product lifespan. The company is privately held with investments by Austin Ventures, Globespan Capital, Pequot Ventures, Credit Suisse, Gold Hill Capital, Presidio STX and NTT Leasing Capital (USA). COPAN Systems’ storage solutions have been shipping since March 2004, with customers spanning the healthcare, financial, government, media, and service provider industries. Solution implementations include backup/restore, archive, and disaster recovery. More information is available at www.copansys.com.
About Battery Ventures
Since 1983, Battery has been investing in technology and innovation worldwide. The firm partners with entrepreneurs and management teams across technology sectors, geographies and stages of a company’s life, from start-up and expansion financing, to growth equity and buyouts.
Battery has supported many breakthrough companies around the world, including: Airespace (acquired by Cisco), Akamai Technologies (NASDAQ: AKAM), Cbeyond (NASDAQ: CBEY), Kashya, Inc. (acquired by EMC) and Neoteris (acquired by Netscreen). Its current portfolio includes emerging firms such as Advent Solar, BladeLogic (NASDAQ: BLOG), Freshpoint, Netezza (NYSE Arca: NZ), Spot Runner, and Tejas Networks, as well as more established companies such as ITA Software, Consona Corporation, MetroPCS (NYSE: PCS) and Nova Analytics.
From offices in Boston, Silicon Valley and Israel, Battery manages nearly $3 billion in committed capital, including its current fund of $750 million. For more information, visit www.battery.com.
Press Contacts:
Bill Mottram
Vice President, Corporate Marketing
COPAN Systems
303-532-0218
Bill.Mottram@copansys.com
Karen Bommart
Battery Ventures
781-478-6600
kbommart@battery.com
Source: IDC, Worldwide Disk Storage Systems 2007–2011 Forecast: Mature, But Still Growing and Changing, Doc #206662, May 2007