Business: A data storage play that allows large vendors to overcome storage limitations without acquiring additional hardware and software.
Headquarters: Fremont, Calif.
VC raised to date: $116M
Capital raised one year ago: $100M
Investors: Amerindo Advisors, Anschutz Investment Advisors, Aurora Technology Fund, Dain Rauscher Corp., iGlobe Partners Ltd., Intec IT Capital, Mayfield Fund, Merrill Lynch Capital Partners, Mitsubishi Corp., Nissho Electronics, Oracle Venture Fund, Sun Microsystems Inc., Thomas Weisel Partners LLC, Van Wagoner Capital Management, Veritas Software and Worldview Technology Partners.
Plans one year ago: With a post-money valuation of $300 million, the company planned to use the proceeds from the round to continue developing its product and building its customer service and manufacturing infrastructure. 3PARdata did not expect to raise another round of financing for three years and was aiming for an IPO in the future. Products were to be shipping in the earlier part of this year.
Status: A little behind schedule, 3PARdata released its product line in June. Twelve companies including AIG, Prudential Financial, Merrill Lynch and EDS are testing the products. The company expects to see revenue in Q3 2002 and to hit the break-even mark two to three years from now. 3PARdata does not expect to raise another round of private equity, however, if the right opportunity came along the company would evaluate its options for another round of financing, says David Scott, the company’s chief executive.