X-IO: Reports of our demise have been greatly exaggerated
Lazarus-like miraculous recovery with chairman/CEO putting in his own cash
Updated X-IO Technologies chairman and CEO Bill Miller has called in to say: "I was very surprised and disappointed to read our name in the 'Deaths' section of your 2016 year in review article.
"As Mark Twain might have said, 'the reports of my death are greatly exaggerated'."
Bill tells us: "We have undergone a somewhat miraculous recovery since we last spoke. Our restructuring has produced a sustainably profitable business."
How so? "We completed a new equity financing with new investors, including my own venture fund, PV Ventures, which repaired our balance sheet eliminating all debt and leaving plenty of cash to support operations and product development."
That's a strong indication of commitment to X-IO and belief in its future by Miller.
There's more: "We have great new partnerships and exciting new products planned for the first half of 2017, including a fourth generation of our flagship ISE and iglu storage systems and the formal launch of our Axellio HyperFabric Systems, which are uniquely capable of delivering high-bandwidth data ingest and low-latency real-time big data analytics for applications like advanced anomaly and threat detection for cybersecurity, fraud detection, and IoT."
As a reminder Dave O’Callaghan and Mike Wall joined X-IO's board in October last year. X-IO tells us O’Callaghan has served as VP sales in a number of leading tech companies including VMware, Cisco and Hitachi. Mike Wall is ex-CEO of Amplidata, which was bought by WD's HGST, and launched Intel’s storage business.
Interestingly, Bill Miller joined struggling software supplier Falconstor's board in December 2016. Might we be seeing some FalconStor-produced software running on X-IO's hardware? ®