Feeds

Copan cops more funding

Becalmed MAID vendor swallows another $3m

Next gen security for virtualised datacentres

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. ®

The essential guide to IT transformation

More from The Register

next story
The Return of BSOD: Does ANYONE trust Microsoft patches?
Sysadmins, you're either fighting fires or seen as incompetents now
Microsoft: Azure isn't ready for biz-critical apps … yet
Microsoft will move its own IT to the cloud to avoid $200m server bill
US regulators OK sale of IBM's x86 server biz to Lenovo
Now all that remains is for gov't offices to ban the boxes
Death by 1,000 cuts: Mainstream storage array suppliers are bleeding
Cloud, all-flash kit, object storage slicing away at titans of storage
Oracle reveals 32-core, 10 BEEELLION-transistor SPARC M7
New chip scales to 1024 cores, 8192 threads 64 TB RAM, at speeds over 3.6GHz
VMware vaporises vCHS hybrid cloud service
AnD yEt mOre cRazy cAps to dEal wIth
El Reg's virtualisation desk pulls out the VMworld crystal ball
MARVIN musings and other Gelsinger Gang guessing games
Object storage bods Exablox: RAID is dead, baby. RAID is dead
Bring your own disks to its object appliances
prev story

Whitepapers

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.
7 Elements of Radically Simple OS Migration
Avoid the typical headaches of OS migration during your next project by learning about 7 elements of radically simple OS migration.
BYOD's dark side: Data protection
An endpoint data protection solution that adds value to the user and the organization so it can protect itself from data loss as well as leverage corporate data.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?