StoredIQ Secures $8 Million Financing

StoredIQ Inc., provider of Intelligent Information Management and eDiscovery technologies, has closed an $8 million investment financing from its existing investors, including S3 Ventures and Techxas Ventures. The company also announced that it has added industry veterans Dan Junk as vice president of business development and Ellis Ishaya as vice president of partner development to its management team.

"StoredIQ’s product offering is unique, because it provides a unified, easy to deploy platform that meets the compliance, eDiscovery and information management requirements of the enterprise, while contributing to immediate cost and risk reductions," said Christine Taylor, analyst with Taneja Group. "Couple a great product with substantial market demand, add this type of funding in the current economic climate and StoredIQ is well-positioned to become a market leader."

StoredIQ will use the financing to expand its award-winning information management and eDiscovery solution, grow its industry partnerships and accelerate the company’s marketing and distribution initiatives to take advantage of the significant market opportunity that lies ahead. The eDiscovery market, which is about $3 billion to $4 billion in size, is expected to double in three years, according to Robert W. Baird & Co analyst Andrea Wirth, quoting industry findings.

Dan Junk joins StoredIQ as vice president of business development. In this new role, Dan will be involved in all aspects of developing new strategic relationships with key organizations in the eDiscovery and information management market space. Dan has more than 20 years of legal, consulting and sales experience, having served in executive roles at ONSITE, Merrill Corporation, Orchestria and Renew Data. Additionally, Dan was an associate at Simpson Thacher & Barlett LLP, where he worked on national large-scale and complex legal discovery matters.

As vice president of partner development, Ellis Ishaya leads StoredIQ’s partner development organization and is responsible for creating, implementing and managing the company’s partner programs, as well as the ongoing management and expansion of existing strategic partners and alliances. Ellis joins StoredIQ with a wealth of industry knowledge and more than 15 years of professional services, managed services, post-sales support and training experience. Most recently, Ellis held executive management positions with Kazeon Systems and EVault, which was acquired by Seagate’s i365 division.

"Both Dan and Ellis are joining the company at a pivotal time as we grow our business to the next level," said James Schellhase, CEO and president of StoredIQ. He adds, "their outstanding track record and industry expertise will allow us to form strong strategic partnerships that will help speed deployment, drive market share, and demonstrate clearly how better information management can transform enterprises."