Wednesday, July 18, 2007

InovaWave Secures $7.2M in Series B Funding

InovaWave, a developer of software for managing virtual environments, announced today that it has concluded its Series B round of financing after raising $7.2 million in funds. InovaWave said Matrix Partners led the effort, with previous investor Silverton Partners also participating. InovaWave said it will use the funds to expand sales, marketing, research and development for its DXtreme product line. In an unrelated move, InovaWave announced that it has hired Chris Ostertag as its president and chief executive officer. Ostertag previously served as vice president of worldwide sales and field operations for CREDANT Technologies. Additionally, InovaWave has added Moshe Bar to its board of directors. Bar is an industry veteran and a senior editor with Byte Magazine. InovaWave is a privately held company based in Austin, Texas. More information »