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iVivity Closes $26 Million Series C Financing

May 18, 2004 - Atlanta, GA

iVivity, a leading technology provider for intelligent storage networking systems, today announced that it has closed a $26 million Series C preferred stock financing led by new investors Grotech Capital Group and JK&B Capital. Mellon Ventures was also a new investor to the round which included investors from previous financing rounds: H.I.G. Ventures, Commonwealth Capital Ventures, Kinetic Ventures, Cordova Ventures, Yamacraw and Bergman & Associates. The round brings iVivity’s total funding to date to over $50 million.

“This financing marks a major milestone for iVivity as we transition our focus from research and development to delivering the products and services to our customers that will permit them to take full advantage of our revolutionary iDiSX technology,” said David Coombs, president and CEO of iVivity. “This additional funding will enable us to build upon our leadership position in the intelligent storage processor arena through continued expansion of our sales, marketing, product development and customer service.”

"iVivity is clearly poised to dominate this emerging class of storage networking processors” said Joseph R. Zell, general partner, Grotech Capital Group. “As the industry moves forward toward utility computing and information lifecycle management, more sophisticated storage services are required. iVivity’s breakthrough iDiSX integrated storage application platform technology has captured the interest of the major switch, array and appliance OEMs because it meets these demands.”

“We are impressed by iVivity’s world-class team and the technological innovations they are bringing to key OEMs to enable cost-effective increases in performance and functionality in the design of next generation storage controllers and intelligent storage I/O platforms,” said Ali Shadman, partner, JK&B Capital.

“The market opportunity for iVivity’s ‘storage server on a chip’ technology is substantial and Mellon Ventures looks forward to being part of that success,” said Max Chee, vice president, Mellon Ventures.

“The storage industry has long needed the development and roll out of next generation storage networking processors such as iVivity’s iDiSX,” said Arun Taneja, founder, Taneja Group. “With the increased introduction of IP Storage (iSCSI) and multi-protocol platforms into performance applications, the time has come for this level of functionality and programmability to be available to OEMs who are designing the next generation of storage switches and boxes.”