BlueArc, a US-based provider of computer network storage devices, has raised more than $20m from its strategic and venture capital backers.
Investor Growth Capital, the venture capital division of Sweden-listed asset manager Investor, led the round as a new investor, and was joined by 16 existing shareholders.
BlueArc has raised more than $224m from Chevron Technology Ventures, the corporate venturing division of oil major Chevron; Dell Ventures, which invests for computer maker Dell; and VCs Meritech Capital Partners, Crosslink Capital, Wasatch Advisors, Morgenthaler Ventures, Weston Presidio, RWI Group, Celtic House Venture Partners, Parkmead Group and Fort Washington Capital Partners.
Rick Martig, chief financial officer at BlueArc, said: "We originally approved a $20m round of funding but, given strong investor interest, we decided to increase the round, which is now over-subscribed."
Mike Gustafson, chief executive of BlueArc, said: "Since returning to growth a year ago, we have shown an increase in new customers, improved profitability outlook, and expanded product offerings. This funding will help us to further ramp development and allow us to increase headcount and strategic investment in all areas, including engineering and customer facing sales and marketing."
BlueArc’s previous venture round closed at $29m in June 2006.