ACADEMIA

SAN DIEGO--RackSaver, the leading provider of high-density individual rack-optimized servers, blade servers and supercomputer clusters announced today that it has closed its Series A equity financing with a total amount of $14 million. The Series A round was co-led by Voyager Capital and Celerity Partners. RackSaver will use the new capital to extend research and development of its Super Compute and Ultra Dense Blade, Rack-mount, and Server Cluster product lines and to further expand sales and marketing globally. Also announced today, Bill McAleer and Curtis Feeny, managing directors at Voyager Capital, as well as Mark Benham, managing partner of Celerity Partners, have been named to RackSaver's Board of Directors. In addition, Ed Harper, former chairman of the board for Network Associates, was also added to the board as an independent director. "We invested in RackSaver because the company is led by a management team with more than 30 years of experience in server design and manufacturing, and the solution on the market is filling a critical need for companies whose businesses are dependent on strict time-to-market requirements," remarked Curtis Feeny. "In the last decade, RackSaver has continued to gain traction with its high-density rack-optimized servers in numerous industry segments including life sciences, oil and gas, high-technology/semiconductors, finance, higher education, and federal government institutions. "RackSaver has brought to the market high-performance computing power at a competitive cost. Through RackSaver's superior technology and service, customers such as Shell Oil, Industrial Light and Magic, a division of George Lucas Ltd., AMD, Nvidia, ATI and Pixar are fast benefiting from the company's quick and powerful, high-density and flexible solutions," stated Mark Benham. "Upon our introduction of RackSaver to Celerity and Voyager, it was apparent that both firms had a keen understanding of RackSaver's market niche and opportunity," commented Larry Weissman, managing director of New York-based Cahn Capital Corp., investment bankers to Racksaver. "Celerity and Voyager responded immediately by not only investing $14 million in growth capital but also assembled an impressive group of seasoned industry executives to serve the Board of Directors and Board of Advisors which management is excited about tapping into." "We are excited to partner with the Celerity Partners and Voyager Capital teams. Both venture capital firms have the experience and knowledge in building and growing businesses and will provide us operational insight and help us drive strategy to move our product into more market segments as well as into the enterprise grade servers and workstations," said Dave Driggers, chief executive officer and president of RackSaver. "RackSaver has garnered the top position in the HPC (high-performance computing) segments and we will be leveraging our leadership position to dominate the financial services, banking, database, and the coveted enterprise segments."