Coraid, a developer of Ethernet SAN storage solutions, this morning announced that it has closed a $25 million Series B funding round led by Menlo Ventures. All of Coraid’s Series A ($10 million) backers, including Allegis Capital and Azure Capital Partners, participated in this round.
The reason why it’s interesting that Menlo Ventures led this sizeable financing round (sorry, Om) is because they were also the largest investor in data storage company 3PAR, which was recently acquired by HP for $2.35 billion.
John W. Jarve, managing director of Menlo Ventures, is joining Coraid’s board of directors.
Jarve is quoted in the press release announcing the funding round as saying that the company has the potential to “disrupt the storage market” and “fundamentally redefine storage economics” altogether with its Ethernet SAN platform.
Coraid has over 1,200 customers using its technology, according to the company. Starting at roughly $500 per terabyte and scaling to multiple petabytes, EtherDrive is said to deliver a considerable price/performance advantage over legacy Fibre Channel and iSCSI solutions.