Data-storage specialist YottaYotta has completed a round of investment financing totalling $40-million Cdn from international sources.
“YottaYotta is very pleased to complete this financing with such high-calibre investors given the current investment climate,” said Steve Mattioli, president and CEO of YottaYotta.
“These funds will further ramp our marketing and development efforts as YottaYotta approaches our upcoming product launch,” Mattioli said.
Among the investors are Banc of America Securities of Palo Alto, Noble Networks of New York, The Grosvenor Funds of Washington, D.C., and TechnoCap of Montreal.
YottaYotta is cashing in on the exploding demand for data storage with patent-protected NetStorage technology for the yottabyte, equivalent to one trillion terabytes of data. The company’s research and development efforts are concentrated in Edmonton.
YottaYotta also announced this week that it reached a milestone in its NetStorage development by successfully demonstrating cache sharing, coherence and replication across a 300-kilometre gigabit Ethernet link.
“This demonstration is an important milestone in YottaYotta’s efforts to integrate storage and networks, creating a geographically distributed, real-time disaster recovery NetStorage array that is centrally managed as a single system,” said Wayne Karpoff, YottaYotta’s vice-president and CTO.
The company believes this demonstration will translate to a variety of practical storage applications.
“(This week’s) events foreshadow a diverse storage future including real-time disaster recovery for major enterprises, sophisticated on-demand edge caching for Internet multi-media content and massively scalable storage systems for distributed e-business applications,” said Robin Harris, vice-president of marketing for YottaYotta.
The Ethernet connection linking YottaYotta’s NetStorage equipment was provided by Netera Alliance, a not-for-profit alliance that operates a research network in Alberta for use by universities, colleges, government and the private sector.
