JPMP in $16.9M Tacit Agreement

Tacit Networks of South Plainfield, N.J., announced a Series B round of funding last week led by JPMorgan Partners (JPMP). The deal also includes new investor CTTV Investments LLC (the venture arm of ChevronTexaco), as well as Tacit’s Series A investors Canaan Partners, RRE Ventures and SAS Investors.

The new round brings the total raised to date to more than $24 million.

Tacit develops software on third party storage appliances that it sells direct to customers. Company President and CEO Greg Grodhaus says that Tacit’s products fit into the Area File Storage (WAFS) market, which research firm The Taneja Group estimates will reach $2 billion by 2007. The WAFS market is the latest storage systems niche to receive increasing attention from venture firms. It includes such venture-backed startups as Actona, DiskSites and Riverbed, as well as Tacit.

Actona of Los Gatos, Calif., is backed by Mayfield, Sequoia Capital, Evergreen Partners and the Fantine Group. It announced a $10 million Series C round in early March.

DiskSites, of Tenafly. N.J., and Tel-Aviv, is backed by Tamir Fishman Ventures and Proseed Venture Capital. It announced its first close on a Series C of $10 million in early May.

Riverbed Technology, based in San Francisco and formerly known as NBT Technology, raised a Series B round of $10 million from UV Partners, Accel Partners and Lightspeed Venture Partners.