Pittsburgh startup
Avere Systems has raised $15 million in Series A financing from two prominent Silicon Valley investment companies.
In semi-stealth mode, Avere has been generating quite a buzz in the online technology trade press in recent weeks with speculation on the data storage technology behind the large sum. The company's three founders, high-profile names on the Pittsburgh tech scene, came from Spinnaker Networks, which was acquired by NetApp Inc. of Cranberry in 2004 for $300 million.
Formed in 2008, Avere is reportedly developing a "game changing" network-attached solution (NAS) to scale storage network performance independent of capacity and provide customers with substantial savings in cost, space and power, says Rebecca Thompson, vice president of marketing. The company employs 30 and plans to double this year with jobs primarily in engineering. Avere has already attracted talent from several of the region's most successful firms including NetApp, Fore Systems, Transarc, Vivisimo and Freemarkets.
The venture firms participating in the round are Menlo Ventures and Norwest Venture Partners, highly respected, billion dollar companies. Both have taken a seat on the board of Avere as well, Thompson says. Avere founders are Ron Bianchini, Michael Kazar and Daniel Nydick. The company plans to unveil its first product on Oct. 5 of this year.
"We're all very excited to be a part of another great Pittsburgh story," says Thompson.
Writer:
Debra Diamond SmitSource: Rebecca Thompson, Avere Systems