Storage Networking Startup Fails to Secure Funding

Cloud network-attached storage (NAS) startup, ParaScale, has reportedly failed to secure a round of B-series funding. According to this report on The Register, the company claims that its product is a great fit for besides the crowded generic NAS market.

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"Founder and chief technology officer Cameron Bahar said: 'It is true that we were not able to raise our series-B round of financing with Sajai Krishnan at the helm. We're still here and have down-sized the team to reduce our burn rate while we evaluate our options going forward.'

"Sajai Krishnan was replaced as CEO by Ken Fehrnstrom a couple of months or so ago.

"Bahar said its current travails were neither a marketing or product problem: 'Interestingly we have had a lot of interest from both enterprise and service providers for our cloud storage product and have sold product into both environments.'"

Read the Full Story at The Register