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2/5/2004

Cornice secures added funding worth $51M

The Daily Times-Call

LONGMONT — Cornice Inc., a maker of compact, high-capacity storage devices, announced Wednesday it has secured $51 million in a second round of venture financing.

The Longmont-based company, which makes storage devices it sells to makers of portable consumer electronic devices, sells to some of the world’s biggest makers of such devices. Its signature product, the “Storage Element,” is about the size of a matchbook and can hold up to 2 gigabytes.

Formerly 1.5 gigabytes, the 2 gigabyte SE was featured in products that made their debut at the 2004 Consumer Electronics Show in Las Vegas.

The company used to be known as Convergent Systems Solutions and changed its name to Cornice in January of last year.

This new round of financing brings the total invested into the company so far to $81 million. The company’s previous investors — CIBC Capital Partners, Nokia Venture Partners and VantagePoint Venture Partners — were joined in this round by BA Venture Partners and GIC Special Investments Pte. Ltd. As a result of the new round of financing, Jim Jones, a director at BA, will be joining Cornice’s board of directors.

The company employs about 75 people, and its workers include people formerly with Hewlett-Packard, Maxtor, Seagate and Data Play.