Pivot3 Raises $29 Million in Funding

Pivot3 , the first company to deliver virtual servers and scalable storage in a single platform, announced that the Series D funding round previously announced at US$25 million totals $29 million, following a recent $4 million investment from Northleaf Capital Partners Northleaf Capital Partners is Canada's largest independent global private markets manager and advisor. Northleaf joins existing Pivot3 investors Focus Ventures, InterWest Partners, Lightspeed Venture Partners, Mesirow Financial Capital Partners IX, and Silver Creek Ventures.

"Pivot3 met our criteria for growth-stage investment; we were impressed with the company's revenue growth in a challenging economy and with the strategic opportunity we see as the company brings its unique technology to new markets," said Melissa McJannet, MD of Northleaf. "Pivot3's solid customer references and strong customer pipeline were instrumental to our decision process, and we are looking forward to the company's expansion in other markets and others parts of the world, including Canada."

"Pivot3 has a product offering that has quickly become a core product in mainstream video surveillance deployments, including high-profile installations in Canada," said Kevin Parisien, the Toronto-based PM for Security and IT Systems Group at the MMM Group Limited. "We are constantly on the lookout for new technology companies such as Pivot3 that bring more value to our customers."

"We are delighted to welcome Northleaf Capital Partners to our investor community as we build a financial arsenal to expand the market and geographic reach for our products," said Lee Caswell, Founder and CMO of Pivot3. "Our unique approach to merging server and storage virtualization has gained quick market acceptance and that is now translating to success in raising funds for our future growth."
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