Financing to Accelerate Growth for Disk-based Computer Backup Solutions
Grow Utah Ventures Leads Angel Investment Round in Revinetix
SALT LAKE CITY, UTAH - March 14, 2006 - Revinetix, a pioneer in Disk2Disk2Disk(TM) backup solutions, today announced that entrepreneurial engine Grow Utah Ventures has made an investment in the company and spurred additional investment through Grow Utah's network of formal and informal angel investors throughout the state. The funds immediately accelerate Revinetix's ability to penetrate the small and medium business segment for network backup solutions.
"We are encouraged by the renewed commitment in Revinetix by Grow Utah Ventures and its angel investor community," said Revinetix CEO and Chairman Steve 'Max' Ackerman. "This latest round lead by Grow Utah Ventures will allow us to accelerate the rollout of new technologies, more aggressively penetrate key markets, and ultimately achieve our growth objectives."
Revinetix is an emerging player in the disk-based disaster recovery and backup solutions space. The company specializes in total disk-based RAID network backup appliances, tailored to the needs of small and medium enterprises with five to 500 users. Revinetix' Sentio and Volo products enable network and IT administrators to replace traditional tape backup devices with highly reliable and easy-to-use disk-based appliances that bundle all of the software and hardware required to "disaster proof" an entire network.
Committed to vivaciously expanding Utah's entrepreneurial successes, Revinetix lead investor Grow Utah Ventures is a new private equity fund formed by Ogden business leader and MarketStar Chair Alan E. Hall. "Revinetix' products offer a compelling value proposition for today's small and medium businesses seeking peace of mind, reliability and affordability," said Hall. "Revinetix' solutions resonate with resellers and end users, and their strategic road map shows a real understanding of the challenges facing small and medium enterprises. Grow Utah Ventures anticipates Revinetix will emerge as the leader in disaster recovery and avoidance."
The Revinetix investment marks investment in more than 30 technology companies for Grow Utah, which has a stated vision to become the largest private economic development engine for the state. In addition to providing entrepreneurial businesses with funding, Grow Utah seeks to multiply funded companies' success quotient by developing a network of private investors throughout the state to supplement not just Grow Utah's economic investment, but mentoring investment.
Backup industry pioneer David Norton, one of the founders of Iomega, represents Grow Utah on the board of directors for Revinetix, following Grow Utah Ventures' intent to provide not just funding, but an entire infrastructure for success to entrepreneurial companies it invests in.
About Revinetix, Inc.
Revinetix, Inc. is a pioneer in Disk2Disk2Disk(TM) backup and recovery solutions. Founded in the fall of 2003, Revinetix has revolutionized backup and recovery technology with the introduction of CLICK-EJECT-ARCHIVE(TM). Revinetix offers the first total disk backup solution that allows automated backup schedules for every user on the network and allows critical data to be stored safely off-site from a single appliance. To learn more about Revinetix, visit www.revinetix.com or call 1-888-264-5116 for more information.
About Grow Utah Ventures
Founded in July 2004, with a mantra of "conditioning, rallying, and financing," Grow Utah Ventures is a private equity fund committed to vivaciously expanding and establishing Utah's business climate. With a focus on funding early-stage businesses, Grow Utah has announced committed investment resources of $15 million to fund as many as 100 Utah companies over the next five years. Investments will come directly from Grow Utah Ventures as well as from angel networks throughout the state that Grow Utah Ventures is helping establish. Grow Utah has currently invested in more than 30 Utah businesses, which are expected to, near-term, achieve what Chair Hall calls a "national footprint." For more information about Grow Utah Ventures, visit www.growutahventures.com.
Company Name: Revinetix
Address 1: 1011 Murray-Hollady Road
Address 2: Suite 240
City: Salt Lake City
State: UT
Zip: 84117
Country: USA
Phone: 801-263-5116
Contact Name: Mike Southworth
Title: Corporate Communications
E-mail: msouthworth@revinetix.com
