By Michael Davidson Boulder County Business Report February 7, 2011
NexGen Secures $2 Million in Funding LOUISVILLE - NexGen Storage Inc., a Louisville-based company that is developing data-storage systems for virtual server environments, announced Monday it has secured $2 million in Series A funding and will use the money to accelerate product development and hire more staff.
Grotech Ventures, a venture capital fund with offices in Vienna, Virginia, and Hunt Valley, Maryland, led the round. Access Venture Partners, which is located in Westminster, also invested.
NexGen Storage was founded in 2010 by John Spiers and Kelly Long, who were cofounders of LeftHand Networks. Spiers is NexGen's CEO, and Long is the chief software architect.
"We've been self funding for over a year now," Spiers said. The company plans to undertake a larger Series B round after its system is on the market. NexGen products, which are designed for medium- to large-size enterprises of 500 to 2,000 employees, are expected to be commercially available later this year.
NexGen Storage makes solid-state drives, which it believes are surpassing traditional storage drives which rely on magnetic heads writing data to spinning disks. "We've developed a very innovative next-generation architecture that really takes advantage of solid-state technology," Spiers said.