StoneFly Networks Raises $12 Million for IP Storage

StoneFly Networks, a start-up based in San Diego, closed $12 million in Series C funding for its IP-based storage provisioning appliances. StoneFly’s Storage Concentrator products are based on the iSCSI standard. The products were launched in June 2002. The new funding was led by Rustic Canyon Partners. Existing investors, including Crescendo Ventures, El Dorado Ventures and Palomar Ventures, also participated in the funding round, bringing the company’s total equity investment to $34 million.

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