Oversubscription Demonstrates Strong Support for Grid Powered Storage Market
Vancouver, BC – February 27, 2004 - Bycast Inc., the leading provider of grid-powered storage solutions, today announced the closing of a $10 million round in Series B funding from new and existing investors. The financing was lead by XJ Partners Inc. and all significant existing shareholders participated including GrowthWorks Capital and BDC Venture Capital. The new funding will enable Bycast to increase its marketshare and mindshare through the expansion of its sales and marketing organization.
“We are extremely pleased with the strong endorsement from new and existing investors. It is a testament our products, our business strategy and to the progress we have made in becoming the standard in grid powered storage solutions,” said Dr. Moe Kermani, President and CEO of Bycast.
“The explosive volume and unique characteristics of fixed content data is driving healthcare, financial services and government organizations to invest in a new breed of cost-effective and scalable storage solutions,” said William M. Tatham, Executive Chairman of the Board at Bycast and CEO of XJ Partners. “Our additional investment in Bycast reflects our belief that Bycast’s leadership team and products are well positioned to become an industry leader.”
About Bycast
Bycast Inc. is the standard in high performance storage software solutions based on the next generation of grid computing technology. The Bycast StorageGRID™ solution combines the power of grid computing with intelligent information lifecycle management to optimize petabyte-scale archives of fixed content data. Healthcare providers can leverage Bycast software solutions to securely store and efficiently transmit diagnostic images and documents within the enterprise or across multi-site facilities. Bycast solutions have been deployed at leading healthcare institutions including the British Columbia Cancer Agency. Bycast Inc. is a privately held company located in Vancouver, BC, Canada and is on the Web at www.bycast.com
Contact
Deanne Farrar
Bycast Inc.
Tel.: (416) 485-8782
email: dfarrar@bycast.com
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