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COPAN Systems Raises $18.5M

Longmont, Colorado-based COPAN Systems, a developer of data storage products, said today that the firm has raised $18.5M in a new round of funding, led by Westbury Partners. According to COPAN Systems, the round also included investments by prior investors Austin Ventures, Globespan Capital Partners, Firstmark Capital, and Credit Suisse. COPAN develops data storage products which use disk drives to replace tape backup and archiving systems. The firm said the new funding will go to expand its product development, sales, marketing and channel efforts. The new round of funding brings the company's total raised to more than $106M, based on numbers released by the firm in its September 2007 Series D funding. COPAN's products used power-optimized disk drives for storing archival data, powering down disk drives when they are not in use. More information »