Pano Logic Announces $12 Million Funding
Goldman Sachs Leads Second Round of Funding for Innovative Desktop Virtualization Solution Provider
MENLO PARK, Calif.—(BUSINESS WIRE)—Pano Logic™, today announced it has completed a $12 million series B funding round led by Goldman Sachs, and joined by existing investors ComVentures and Foundation Capital. Pano Logic leverages existing server virtualization technologies to create a new approach to client/desktop computing that dramatically lowers total cost of ownership while increasing security, management and mobility. To keep up with the growing demand within the enterprise for desktop virtualization solutions, the company will use the funding to accelerate product development, expand sales and marketing efforts, and secure additional channel/SI partners to address the midmarket.
"We believe Pano Logic is at the cutting edge of a revolution in alternative desktops," said Pete Perrone, managing director at Goldman Sachs. "By leveraging industry-standard hypervisor technology from companies like VMware, Pano Logic is able to deliver a lower total cost of ownership than traditional PC architectures without sacrificing on user experience. We look forward to working with Nick and the team at Pano Logic to drive this next phase of growth."
"To have an investment from a world-class firm like Goldman Sachs speaks to the huge opportunity in this market and our innovative approach to a zero client desktop," said Nick Gault, CEO of Pano Logic. "Since introducing our product, we've seen tremendous interest in our desktop virtualization solution, and we look forward to working with Goldman Sachs and the rest of our Board to capitalize on this industry need."
Pano Logic launched its desktop virtualization product in August 2007, and since then has acquired customers in a variety of industries, working closely with over 30 partners, and opened a second office in Toronto, Canada. The Pano Logic solution eliminates the cost, complexity and security inherent in traditional PC environments and uniquely leverages existing virtualization hypervisor technology to provide both the lowest cost and easiest to install implementation of virtualized clients in the market.
"Pano Logic's products address the needs of the enterprise today and this additional financing will position the company to expand rapidly," commented current investor and board member Ashmeet Sidana of Foundation Capital. "As a founding investor, we welcome Goldman Sachs, and look forward to continuing to work with the Pano Logic team to help build a strong, customer-oriented business."
Perrone will join Pano Logic's board of directors.
About Goldman Sachs
Goldman Sachs is a leading global investment banking, securities and investment management firm that provides a wide range of services worldwide to a substantial and diversified client base that includes corporations, financial institutions, governments and high net worth individuals. Founded in 1869, it is one of the oldest and largest investment banking firms. The firm is headquartered in New York and maintains offices in London, Frankfurt, Tokyo, Hong Kong and other major financial centers around the world.
About Pano Logic
Founded in 2006, Pano Logic develops virtualization-based software and hardware solutions that deliver superior desktop computing. The company is privately held, and backed by leading investment firms ComVentures, Foundation Capital and Goldman Sachs. Pano Logic is headquartered in Menlo Park, California and has an office in Toronto, Canada.