Business Services Industry
Buffalo, N.Y.-Based Rand Capital Increases Stake in Data Storage Developer.(Knight Ridder/Tribune Business News)
Knight Ridder/Tribune Business News, January, 2000 by Linstedt, Sharon
Jan. 28--Buffalo's Rand Capital Corp. has upped its investment in Pathlight Technology Inc., an Ithaca-based computer data storage developer.
The local venture capital group has invested an additional $750,000 in Pathlight, boosting its financial backing of the high-tech company to $1,175,000. This represents Rand's fourth installment of investment in the Central New York business, and is a portion of a larger financing package that is expected to bring $5 million in new capital to Pathlight.
"We are excited about the progress that Pathlight has made in establishing itself as a leading provider of infrastructure products for storage area networks (SANs)," said Rand president Allen "Pete" Grumm. "This has been validated by six new `original equipment...
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