Xkoto, data virtualization for large companies, raises $7.5M
Data virtualization is a way of creating a “virtual” copy of data on a centralized server to make it accessible to more users. Essentially, the data is distributed across a network, allowing companies to avoid investing in expensive servers for better performance.
The company, which counts Genworth Financial, Travelport and United Healthcare among its customers, also brought on new CEO David Patrick, the former head of Ximian, a company acquired by Novell.
The funding was led by GrandBanks Capital, which is located in Boston, along with GrowthWorks Canadian Capital. Xkoto will also move soon, from Toronto to Boston.
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Chris Morrison writes about cleantech and environmental issues for VentureBeat, with occasional forays into gaming and semantic technology. He got his start writing about tech for Business 2.0 magazine, but quickly realized new media was the ticket when that institution closed its doors in 2007. Chris has also covered public equities and regulatory issues. He originally hails from southern Virginia, graduated from Evergreen State College in Washington, and now lives in San Francisco.