Copan lands new investor
By
Nick Wakeman
The company has received $18.5 million to expand product development, sales and marketing efforts in the enterprise data storage market.
Copan Systems has received $18.5 million in new investments to continue developing its data products.
The company received the funds from first-time investor Westbury Partners and existing investors Austin Ventures, Globespan Capital Partners, FirstMark Capital and Credit Suisse.
Copan officials said they will use the money to expand product development, sales, marketing and channel efforts in the enterprise data storage market.
Westbury was drawn to the investment because Copan’s approach to persistent data can increase storage capacity at a lower cost than traditional systems, said Jim Schubauer, Westbury’s president and chief operating officer.
“Today’s enterprise data centers are storing massive amounts of persistent data, and the requirements of growth far exceed the storage budgets currently earmarked,” he said.
Copan officials said about a third of their customers are in the federal government, and it will remain an important market in part because of its goal to reduce energy consumption by 30 percent by 2015.
“Increasing energy efficiency and reducing data-center footprint are fundamental goals in the technology decisions of every company and government agency,” said Mark Ward, Copan’s president and chief executive officer, in a statement.