iVivity raises another $10M

ivivity.jpgiVivity just announced another raise of $10M (details below). According to the release, all current investors participated. If this is true, that means that some Atlanta investors (H.I.G., Kinetic, Cordova) were in on the deal, which is good news. iVivity could be one of the great success stories to come of the ATDC in some time. We’ll see. Good luck to Tom Burniece and his team! Click for details.

ATLANTA – Thursday, August 24, 2006
iVivity Secures Additional $10 Million Investment/Tom Burniece Named /CEO

iVivity®, the leading provider of storage network building block technologies, including industry leading iDiSX® storage network processors, software and custom board solutions to system OEMs, today announced an additional $10 Million investment with all current investors participating. The additional funding will be used to sustain the company’s operations as revenue ramps from iVivity’s recent design wins, as well as bring to market its next generation products and expand its world class engineering capabilities.

“We believe iVivity is strategically positioned to capitalize on the growing OEM need to simplify the complexity of storage system development, fully take advantage of new protocols like iSCSI and develop systems for new emerging storage applications,” said Joseph R. Zell, general partner, Grotech Capital Group. “iVivity’s first product — the iDiSX 2000 10Gbps storage network processor – is uniquely positioned as the industry’s only true 10GE storage S-o-C (System on a Chip) commercially shipping today. Along with its recently announced relationship with Huawei-3Com, as well as a number of unannounced design wins, iVivity has established itself as a leader in the emerging storage network processor market.”

Additionally, iVivity has named Tom Burniece to the position of CEO. Burniece brings more than 30 years of storage industry experience to iVivity including positions in executive management and senior engineering management as well as business consulting and Board of Directors appointments across a spectrum of Fortune 500 and startup companies.

“As iVivity enters this critical phase of delivering on its design wins and the intensification of research and development, Tom Burniece brings an extraordinary arsenal of management experience and industry contacts to help the company exploit its leadership position and realize its full potential,” said Bruce Bergman, Chairman of iVivity’s Board of Directors. “While we welcome Tom to our team, we also wish to thank David Coombs for his three years of excellent leadership in building a world class organization at iVivity and we wish him the best as he leaves to pursue personal interests.”

“As an early member of iVivity’s Board of Advisors, I became a big believer in the company’s technology and market potential a long time ago,” said Tom Burniece. “I am extremely pleased to come on board in a hands-on capacity to lead the company in this exciting next phase of growth.

“iVivity’s new funding, coupled with proven customer traction and unique technology places them in the forefront of the storage network processor space,” said Michael Peterson, president, Strategic Research Corporation. “I’m pleased to see Tom Burniece joining iVivity as CEO. Tom’s wealth of experience in engineering, management, and business development in the storage networking industry will help iVivity tremendously. He will be a real asset.”

Founded in 2000, iVivity has brought to market a revolutionary new storage network architecture named iDiSX® that is accelerating the trend toward a more intelligent and higher performance storage network. iDiSX storage network processor based systems are higher performance, more compact, less costly, and easier to design and develop than comparable custom ASIC and/or software on general-purpose platforms. iVivity designs and provides HBAs and system boards based around its storage network processors per custom OEM specifications. Additional services include integration of custom or third-party software stacks for data protection, data management, information life cycle management and disaster recovery. iVivity headquarters are in Atlanta, Georgia.

Company and product information is available at www.iVivity.com

Cheers.

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