Pivot3 Receives $29 Million In Funding Round -- Security Today

Pivot3 Receives $29 Million In Funding Round

Apr 26, 2010

Pivot3 Inc. recently announced that the Series D funding round previously announced at $25 million now totals $29 million, following a recent $4 million investment from Northleaf Capital Partners Ltd.

Northleaf Capital Partners is the private equity fund of funds and co-investment arm of TD Bank Financial Group, Canada's largest independent global private equity fund markets manager and advisor. Northleaf joins existing Pivot3 investors Focus Ventures, InterWest Partners, Lightspeed Venture Partners, Mesirow Financial Capital Partners IX and Silver Creek Ventures.

"Pivot3 met our criteria for growth-stage investment; we were impressed with the company’s revenue growth in a challenging economy and with the strategic opportunity we see as the company brings its unique technology to new markets," said Melissa McJannet, managing director of Northleaf. "Pivot3's solid customer references and strong customer pipeline were instrumental to our decision process, and we are looking forward to the company's expansion in other markets and others parts of the world, including Canada."

"Pivot3 has a compelling product offering that has quickly become a core product in mainstream video surveillance deployments, including high-profile installations in Canada," said Kevin Parisien, the Toronto-based project manager for Security and IT Systems Group at the MMM Group Limited. "We are constantly on the lookout for new technology companies such as Pivot3 that bring more value to our customers."

"We are delighted to welcome Northleaf Capital Partners to our investor community as we build a financial arsenal to expand the market and geographic reach for our products," said Lee Caswell, founder and CMO of Pivot3. "Our unique approach to merging server and storage virtualization has gained quick market acceptance and that is now translating to success in raising funds for our future growth."

Pivot3 Serverless Computing is a storage solution offering integrated server virtualization to enterprise customers. Integrated server virtualization consolidates physical servers into Pivot3 storage appliances for high availability while realizing significant savings in power, cooling and rackspace. The compelling value proposition led the company’s quick rise to No. 1 market share in the IP SAN market for video surveillance, as recently reported by IMS Research.

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