Menlo Park-Based Lightspeed Leads $20M Round for Avere Systems

Menlo Park, Calif. -- Lightspeed Venture Partners, the Menlo Park-based venture capital firm, has led a new $20 million round of funding for Pittsburgh-based Avere Systems, a developer of network-attached storage technology, the company said on Tuesday. Previous backers Menlo Ventures, Norwest Venture Partners and Tenaya Capital also participated in the company's third round, which increases its total backing to $52 million. Avere said it will use the latest funding to advance the market penetration of its FXT Series Edge filers. "This round of funding will be used to extend our market presence by leveraging the success of our Edge filer product line and scaling the outbound functions of the company," said Ron Bianchini, the company's president and CEO.
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