ExaGrid Systems Raises $20 Million Round of VC - Westborough, MA

ExaGrid Systems, a Westborough-based provider of data disk-based backup technology, has raised $20 million in a new round of venture capital led by Lehman Brothers Venture Partners. ExaGrid's system is designed to minimize the amount of data stored by a company by providing standard data compression for the most recent backups along with "byte-level data de-duplication" technology for all previous backups. Other investors in the company include Highland Capital Partners and Sigma Partners. The latest investment round is expected to fund ExaGrid to "cash positive status," the company said.

http://www.exagrid.com