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ONStor Closes Mezzanine Funding Round Of $27 Million

CAMPBELL, Calif., Aug. 1 /PRNewswire/ -- ONStor Inc., the leading provider of scalable clustered network attached storage (NAS) solutions for the enterprise, today announced it has closed a $27 million mezzanine round of funding. New investor Sand Hill Capital joins existing investors Foundation Capital, Mayfield Fund, ComVentures, and Worldview Technology Partners to support ONStor in this final round of funding. Sand Hill Capital is a leading provider of growth capital to emerging, venture-backed technology companies. The mezzanine round closed with a significant increase in corporate valuation as the company simultaneously announced record results for the second quarter of 2007.

CAMPBELL, Calif., Aug. 1 /PRNewswire/ — ONStor Inc., the leading provider of scalable clustered network attached storage (NAS) solutions for the enterprise, today announced it has closed a $27 million mezzanine round of funding. New investor Sand Hill Capital joins existing investors Foundation Capital, Mayfield Fund, ComVentures, and Worldview Technology Partners to support ONStor in this final round of funding. Sand Hill Capital is a leading provider of growth capital to emerging, venture-backed technology companies. The mezzanine round closed with a significant increase in corporate valuation as the company simultaneously announced record results for the second quarter of 2007.

"We're delighted that Sand Hill has joined our team of investors and believe that our sales growth proves that the market has validated the requirement for scaleable NAS in the enterprise," said Bob Miller, ONStor CEO and chairman of the board. "ONStor makes growing a data center easy — and managing growth is the key challenge for most companies today, due to the massive amounts of unstructured data that accumulate on a daily, or even hourly, basis."

"Later-stage companies with a demonstrated track record offer a great investment opportunity," said Paul Sestili, General Partner, Sand Hill Capital. "We are impressed with ONStor's management efficiency and believe they have the right mix of talent, technology, and market demand to ensure a successful investment."

"We continue to see positive results from ONStor and are happy with the company's continued strong market performance," said Mike Schuh, General Partner, Foundation Capital. "They have a unique value proposition in the enterprise storage industry with their industry-leading NAS solutions that provide file server virtualization while meeting the low power consumption and space-saving needs of an enterprise's growing data center."

"Mayfield is happy to be an early supporter of ONStor and it's proven to be an excellent investment," said Kevin Fong, Managing Director, Mayfield Fund. "We knew early on that the NAS storage market had huge potential and that ONStor was poised for success due to its experienced management team and unrivaled scalable NAS technology."

ONStor was recently recognized as one of STORAGEsearch.com's Fastest Growing Storage Companies for 2006/7.

About ONStor

ONStor drives down the cost of storage management by delivering scalable clustered NAS that saves enterprises 50 percent on total cost of ownership with systems that let customers start small and scale massively as their requirements grow. ONStor's award-winning Pantera Clustered NAS Systems and Bobcat NAS Gateways consolidate information from multiple Windows, UNIX and Linux devices into a single, highly scalable file storage environment. The open storage architecture allows existing assets to be leveraged, while integrated file server virtualization enables resources to be redeployed quickly to accommodate changing needs. Proven at hundreds of enterprise customer sites, ONStor delivers the cost-effective approach to scalable storage. More information about ONStor can be found at http://www.onstor.com or by calling toll-free 877-2ON-STOR (877-266-7867).

ONStor, the ONStor logo, Pantera, and Bobcat are trademarks of ONStor, Inc. in the U.S. and other countries. All other marks and trademarks are or may be the property of their respective owners.

SOURCE ONStor Inc.

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