NETCELL CLOSES $13.7 MILLION FUNDING ROUND
SAN JOSE, Calif., May 18, 2004 - NetCell Corporation today announced that it has closed a $13.7 million funding round, led by Allegis Capital with another new investor, Granite Ventures, LLC.
Earlier investors August Capital and APV Technology Partners also invested in the round. Bob Ackerman of Allegis Capital and Len Rand of Granite Ventures will be joining Andy Mills, president and chief executive officer of NetCell, David Marquardt of August Capital, and Rocky Pimentel on the company's board of directors.
The funds will be used to expand and enhance the company's SyncRAID™ family of desktop PC storage acceleration products. "High-performance storage is becoming increasingly important to the home and professional desktop PC user as multimedia applications like video-rich gaming, digital photo libraries and digital video editing continue to grow in popularity," said Bob Ackerman, managing director of Allegis Capital. "NetCell is enabling a new class of cost-effective multi-disk storage accelerator products that are critical for delivering improved storage performance and reliable data protection in rich digital media applications." "I'm delighted to have such a strong set of investors backing NetCell," said Andy Mills, president and chief executive officer of NetCell. "This new injection of capital and players will significantly enhance NetCell's ability to become the leading provider of storage acceleration technology and products for the consumer and professional PC rich-media application market." NetCell's storage controller technology solves the reliability risks associated with simple-striped RAID-0 systems in performance desktop PCs and workstations, while dramatically simplifying installation and usability as compared to other hardware- and software-based desktop RAID solutions. More about NetCell's existing products can be found at its web site, www.netcell.com.
NetCell is a privately held fabless semiconductor company that develops host adapter storage acceleration silicon devices for the ATA and SATA host bus adapter, server, PC, workstation and embedded storage markets. Using a unique patented architecture for writing and reading from multiple disk drives in parallel, NetCell enables a new class of storage product that advances the state of the art for mainstream hard drive storage applications, delivering enterprise-class reliability with better performance, lower cost, and plug-and-play simplicity. Storage products based on NetCell's technology will be aimed at next-generation entertainment PCs and graphics workstations used in digital media-intensive applications with rigorous performance demands. For more information please visit www.netcell.com.