Sanrad secures another $5 million from Zisapel brothers

Storage area network firm Sanrad has secured another $5 million RAD group owners Yehuda and Zohar Zisapel.

The Zisapels and RAD employees' venture capital fund RAD Ventures invested $2 million when Sanrad was founded. The company was founded in April 2000 by President and CEO Eyal Felstaine, VP R&D Gadi Erlich, and the Zisapel brothers.

The firm also received a $1.25 million grant from the Chief Scientist Office at the Ministry of Industry and Trade.

The company develops Internet-protocol based storage technology. Its solution is a box that enables connecting systems made by various manufacturers.

Felstaine told TheMarker that being part of the RAD group saves many costs, such as communications lines and administrative services. He said that expenses are largely development engineers, most of whom were only recently recruited. Felstaine said the company is expecting over $1 million sales in 2002.

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