Terascala popped up on the SEC radar screen this week with a filing detailing some new funding. The filing revealed that they officially raised $500,000 in options and warrants-based funding, out of a round that could become $2million.
I’m excited because I think we’re going to become a software company,” says CEO Steve Butler. Terascala will be selling its storage appliance software separately to original equipment manufacturers, to combine with their existing hardware to create their own high-performance data storage systems, says Butler, who joined the company in June.
Boston venture capital firm Ascent Venture Partners has served as the sole institutional investor in Terascala to date. According to Ascent partners Matt Fates [whom also serves on Terascala’s board], the new money will serve as a bridge financing as the company works on the Series-B funding. He also said that Ascent is seeking other firms to partner with on the Series-B line of funding.
Terascala has been doing well as of late. They’ve gone so far to partner up with the big enterprise server juggernaut Dell. Best of luck to the folks at Terascala on drumming up Series-B cash.
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