Xiotech Secures $40M

EDEN PRAIRIE, Minn. -- Xiotech Corporation, a leading provider of data storage and business continuity solutions, announced today that Steve Luczo, chairman of the board for Seagate Technology, was elected to Xiotech's board of directors. Xiotech also announced it has completed an investment round, led by Luczo, in excess of $40 million.

Xiotech recently announced that it had acquired Seagate's Advanced Storage Architecture (ASA) group. Under the agreement Xiotech acquired certain assets of the ASA business and acquired a license to the associated technology, which Xiotech plans to incorporate into its existing storage solutions. Xiotech will use the new funds to bring these new technologies from Seagate to market.

"This is an exciting time to be part of Xiotech, as we're really well positioned to help the storage industry rethink assumptions at a truly fundamental level," said Xiotech President and CEO Casey Powell. "This investment round and the addition of Steve Luczo to our board are important steps to fully capitalize on the acquired ASA technology."

Xiotech Corp.