Terascala Announces $3 Million First Round Funding, Unveils Plans for New Linux Cluster Architecture
AVON, Mass.--(BUSINESS WIRE)--Terascala, Inc., a new company developing a next-generation Linux cluster architecture today announced that the company has secured $3 million in first round funding from Ascent Venture Partners. Terascala will use the capital to accelerate its sales and marketing activities, and to increase its manufacturing capabilities as it continues to ship beta versions of its product.
“Organizations worldwide are just beginning to look to high performance computing clusters to run commercial applications, and we believe the time is right for a new clustered blade architecture that meets the requirements of this rapidly growing market”
Terascala is developing the industry’s first system for computing and storage that combines high density and power efficiency in a common architecture. The product is designed to meet the rigors of the Linux cluster marketplace including high performance computing, Web 2.0, and server virtualization applications.
IDC estimates the high performance supercomputing industry will grow from $9.2 billion in 2005 to $14 billion in 2010.
“Organizations worldwide are just beginning to look to high performance computing clusters to run commercial applications, and we believe the time is right for a new clustered blade architecture that meets the requirements of this rapidly growing market,” said Genovesi.
“Terascala has a solid management team with extensive experience in starting new technology companies and managing growth, said Christopher W. Dick, Managing Director of Ascent Venture Partners. “Ascent has had a relationship with the Terascala founders since our initial investment in Network Engines and we are very enthusiastic about working with the team as they develop new solutions for the high performance computing market.”
Terascala’s founding team includes President and CEO Larry Genovesi and COO Bill Elliott, both high technology veterans with extensive experience in starting and growing companies.
Genovesi was the founder, president and CEO of Network Engines, Inc. and Elliott was Network Engines’ vice president of marketing during the company’s major growth period, culminating in its $117 million initial public offering in 2000. Network Engines developed the industry’s first 1U (1.75 inch) server designed for Internet content delivery. Genovesi and Elliott were also founders at Ammasso, Inc., which delivered the industry’s first RDMA-enabled Ethernet adapter for clustering. Earlier in his career, Genovesi founded New England Interconnection Devices, a cable interconnect provider, and held senior technical positions at Microsystems International, CPU Computer Corporation, and Digital Equipment Corporation. Elliott has held senior management positions at both Stratus Computer and IBM.
About Ascent Venture Partners
Since 1985, Ascent Venture Partners has been dedicated to partnering with seasoned management teams to build successful technology companies. Investments are sized from $2 to $8 million and focused on the New England and Mid-Atlantic regions. Ascent is an active investor, offering sound strategic advice, leveraging its broad network and working patiently with portfolio companies to overcome challenges. Ascent takes pride in the number of entrepreneurs who return to work with the Ascent team on multiple investment opportunities. Ascent has raised four venture funds totaling $400 million and has invested in over 85 companies. For more information, visit www.ascentvp.com.
About Terascala, Inc.
Terascala, Inc. was founded in 2005 to develop the first Linux cluster system for computing and storage that combines high density and power efficiency in a common architecture. The company is based in Avon, Massachusetts.