Feeds

Copan cops more funding

Becalmed MAID vendor swallows another $3m

HP ProLiant Gen8: Integrated lifecycle automation

Struggling power-down array systems vendor Copan has raised another $3m; it wanted another $6.2m according to a techrockies report of a company filing in Colorado.

To recap: Copan is a start-up which sells Massive Array of Idle Disks (MAID) technology storage arrays, in which three-quarters of the drives are powered down, thus dramatically lowering the array's power needs and increasing its drive packing density. Copan says this is a good fit for long-term storage of persistent and relatively unchanging data.

It parted company with its CEO - Mark Ward - in mid-July. It has been quiet since then, saying neither that it is looking for a new CEO nor that it has appointed a temporary replacement. It appears to have retrenched its Ward-led sales office build-out, with offices in Europe and Asia out of action, as well as some sales offices in the USA. There has been no comment from the company about this.

The amount raised, $3m, is comparatively small. Copan's funding history is that, after being founded in 2002, it went through A-round funding raising $14m. A B-round brought in $25m in August 2004. Mark Ward became CEO in January 2006, and a C-round in March 2006 bought in another $17.5m, bringing the total to $56.5m. A D-round in September 2007 raised $32.4m making total funding $88.9m. That rose to $107.4 with an $18.5m round in February this year. This was Ward's last throw of the funding dice, with $67.4m raised during his tenure. He left five months later.

The presumption is that he left because the expanded sales office infrastructure he had instituted hadn't led to profitability, and the recession was dampening down hopes of achieving that happy state any time soon.

Now the company has raised another $3m, taking total funding to more than $110m. The reported filing doesn't say whether the money came from the existing investors or a new one. Nor does it say what the money will be used for. Without knowing Copan's cash burn rate we can't estimate how long the money will last, either. ®

Reducing security risks from open source software

More from The Register

next story
Sysadmin Day 2014: Quick, there's still time to get the beers in
He walked over the broken glass, killed the thugs... and er... reconnected the cables*
SHOCK and AWS: The fall of Amazon's deflationary cloud
Just as Jeff Bezos did to books and CDs, Amazon's rivals are now doing to it
Amazon Reveals One Weird Trick: A Loss On Almost $20bn In Sales
Investors really hate it: Share price plunge as growth SLOWS in key AWS division
US judge: YES, cops or feds so can slurp an ENTIRE Gmail account
Crooks don't have folders labelled 'drug records', opines NY beak
Auntie remains MYSTIFIED by that weekend BBC iPlayer and website outage
Still doing 'forensics' on the caching layer – Beeb digi wonk
BlackBerry: Toss the server, mate... BES is in the CLOUD now
BlackBerry Enterprise Services takes aim at SMEs - but there's a catch
The triumph of VVOL: Everyone's jumping into bed with VMware
'Bandwagon'? Yes, we're on it and so what, say big dogs
Carbon tax repeal won't see data centre operators cut prices
Rackspace says electricity isn't a major cost, Equinix promises 'no levy'
prev story

Whitepapers

Designing a Defense for Mobile Applications
Learn about the various considerations for defending mobile applications - from the application architecture itself to the myriad testing technologies.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Top 8 considerations to enable and simplify mobility
In this whitepaper learn how to successfully add mobile capabilities simply and cost effectively.
Seven Steps to Software Security
Seven practical steps you can begin to take today to secure your applications and prevent the damages a successful cyber-attack can cause.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.