June 2005 - Flush with cash from its $11 million Series C round in February, Cloverleaf Communications Inc. is releasing the second version of its storage networking software.
Though the venture capital round was completed on Feb. 15, the company held off on disclosure because it hadnt begun to use the money yet, President Rich Bauer said.

The Series C round was led by new investor Hyperion Israel Venture Partners with participation by existing major investors including Bank of America Corp., Genesis Partners and Elta Systems Ltd., which is a subsidiary of Israel Aircraft Industries Ltd. The company has raised $25 million from the above investors since its inception in 2001.

Originally launched at the beginning of 2004, Cloverleaf provides a storage networking system using its proprietary software and off-the-shelf hardware. The Cloverleaf system provides thin provisioning, advanced data protection and business continuance applications, simplifying storage management. The product is aimed at the data centers of Fortune 2000 enterprises.

Up to this point, capital was spent on research and development. The Series C round is being used for sales and marketing, by enlisting the help of product integrators and partners both in the U.S. and in Europe. Current product integrators include Prism Technology Resources Inc. and HPS Ltd.
Cloverleaf has headquarters in Southborough, Mass., with technology development in Petach Tikva, Israel. The company has 50 employees worldwide.

The company, which doesnt disclose its customers yet, plans to be cash-flow break-even by the end of 2005, Bauer said.
The president declined to specify if the companys share price changed with this round.
http://www.cllf.com/