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Raidtec secures $16m in second round financing

NIB Capital, Dresdner Kleinwort Capital and Barclays Ventures join existing investors to back the Irish data storage specialist.

NIB Capital, Dresdner Kleinwort Capital and Barclays Ventures, alongside existing shareholders ACT Venture Capital, Davy Nominees and Smurfit Venture Fund, have invested in Irish technology company Raidtex.

Raidtec provides data storage solutions based on company developed and owned intellectual property. According to industry analysts IDC, this market is forecast to grow to $17bn in 2003 from $4 bn in 2000. The company will use the funding to develop its technology, further enhance its brand awareness in the marketplace, expand its sales and engineering teams and accelerate new product launches.

Raidtec founder and chief executive Noel May said:“ The investment guarantees our ability to take a leading position in supplying our Storage Networking solutions worldwide”.

Andrew Cowley of Dresdner Kleinwort Capital said: “Computer system uptime has become the most important enhancement IT managers can add to the systems they support and data security, availability and management is now the center of attention. Raidtec with its complete Storage Networking solutions, is perfectly placed to help its existing and new customers, wrest a competitive edge from the vast amount of data now being stored by company’s on their computer networks.”