According to VentureBeat 3PAR is readying itself for an IPO.
VentureBeat’s aim is to provide news and information about private companies and the venture capital that fuels them. £PAR is funded by eight venture capitalists and five 'strategic investors': Oracle; Sun Microsystems; Symantec; Net One Systems; and Nissho Electronics. 3PAR has completed three rounds of private equity financing, raising an additional $162 million from the strategic investors, one of whom is said to be Cisco, which is a partner in Net One Systems. Strategic investors put money in, I think, in return for some focus on their own products or geography.
The storage IPO market seems buoyant with first Isilon and then Data Domain testing the waters successfully.
3PAR received $30 million in a "mezzanine" round of venture capital funding in April, 2006. This is generally reckoned to be the last funding round before an IPO. Apparently Sun did not invest this time around and neither did Cisco or Symantec. Why Sun invested in the first place is a bit of a mystery as it would be an example of investing in a competitor.
As of April, 2006, 3PAR had raised $183 million since its founding in 1999.
In September, 2006, Mayfield MD Kevin Fong was interviewed for the Mayfield Fund's website. The article included this section: "3PAR’s technology has won the confidence of high profile customers like MySpace, which used 3PAR Utility Storage to help the company handle an eye-popping jump from 13 million to 100 million users over the past nine months."
"As 3PAR edges toward profitability, the corporate need for storage is getting bigger than ever, driven by compliance and the increasing use of video and online photos. “I don’t see an end in sight,” Fong says, joking “People are packrats when it comes to data.”"
"Whether a 3PAR IPO is in store is anyone’s bet. The good news is that 3PAR has time on its side because the company isn’t starved for capital."
Fong is the non-executive chairman of 3PAR and Mayfield is an investor in 3PAR.
In August, 2006, 3PAR CEO David Scott said 3PAR had no plans for an IPO. Times change though.