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News >> Technology >>
iVivity gets $13 M, new President & CEO appointed
By siliconindia
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Tuesday, 08 July 2003, 19:30 IST
NORCROSS, GA: iVivity, developer of core components for the storage networking industry, has secured $13 million in equity financing, which brings total capital raised $25 million since inception. Existing investors including LSI Logic, HIG Capital, Commonwealth Capital Ventures, Kinetic Ventures, Cordova Ventures and Bergman & Associates all participated in completing this latest round. Proceeds will be used in development.
The company has also announced the appointment of David Coombs as president and chief executive officer. Coombs' prior leadership positions include: president and chief executive officer of Ricoh Silicon Valley; executive vice president of operations at Hitachi Data Systems and vice president of storage sales and marketing at Digital Equipment Corporation.
"Storage networking has emerged as a key growth technology in the network computing environment," Coombs said. "iVivity has a world-class team and ground breaking products in customer trials, and I am excited by the opportunity to help the company capitalize on its incredible potential."
"The additional funding will allow iVivity to produce the iDISX technology in working silicon," said iVivity co-founder and chief operating officer Sanjay Sehgal. "Combined with the appointment of David Coombs, we are well-positioned for a leadership position in the intelligent storage processor product arena."
The company, based in Atlanta, Georgia, was founded in November 2000 by storage industry veterans Sukha Ghosh, Sanjay Sehgal, and Zulfiqar Qazilbash.