Talk about loyalty. Venrock and U.S. Venture Partners are still supporting Maxxan after six years has elapsed, $133 million has been invested and the company's product strategy and name have been completely changed.
The two venture capital firms co-led a $10 million recapitalization this week. Also co-leading the round was Scale Venture Partners, formerly known as BA Venture Partners, which led Maxxan's $29 million fourth round in 2004.
Once engaged in the storage virtualization market, Maxxan has shifted its focus to the storage security marketplace. The company is also adopting a new name, CipherMax, which is taken from an existing branded product line.
In an interview with The Deal's Paul Bonanos, CipherMax CEO Ray Kao said the company could reach profitability as soon as 2008 but that it will also consider raising another round of financing then.
For more on Maxxan's demise and Ciphermax's birth, see:
InfoWorld
The Deal
Tags: maxxan, ciphermax, vc, venture+capital
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