Xiotech Corp. announced earlier this week it has landed $40 million in an investment round led by Seagate Technology LLC Chairman Steve Luczo that it plans to use to bring new technology acquired from Seagate to market.
Eden Prairie, Minn.-based Xiotech bought "certain assets" and a license for the technology of Seagate's Advanced Storage Architecture (ASA) group in early November and hired almost all of the research and development operation's 100 employees in Colorado Springs (see story at http://www.gazette.com/articles/seagate_30198___article.html/xiotech_operation.html). Xiotech officials declined to further identify the types of products the operation is developing.
"This is an exciting time to be part of Xiotech, as we're really well positioned to help the storage industry rethink assumptions at a truly fundamental level," Ciotech CEO Casey Powell said. "This investment round and the addition of Steve Luczo to our board are important steps to fully capitalize on the acquired ASA technology."
Xiotech, which is owned by Seagate and Oak Investment Partners, generates about $100 million in annual revenue producing information storage equipment used in data centers. For more information, go to http://www.xiotech.com/