Drive-Buy Funding


The demand for bigger devices in tiny devices has turned the disk drive business into a must watch TV type industry. From mega-billion dollar in sales giants such as Toshiba and Hitachi to relatively smaller Maxtor, Seagate and Western Digital are vying for this market. One tiny company, Cornice of Longmont, Colorado, is doing its bit. According to Boulder News, the company has raised $51 million in venture capital. That brings its today funding to $81 million. The investors in the company are CIBC Capital Partners, Nokia Venture Partners, VantagePoint Venture Partners, BA Venture Partners and GIC Special Investments. Cornice makes a one-inch storage element for consumer electronics including MP3 players, digital cameras and personal digital assistants. Customers include RCA, Samsung and Rio. The future while promising is not without its perils. The digital media demands have prompted larger players to innovate faster and come out with tiny drives. Toshiba and Hitachi are both making micro drives that go into the hot selling IPod and soon to be released MiniPODs

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