Pivot3 Raises $45M

Austin-based Pivot3 said Tuesday afternoon that it has raised $45M, in a combination of equity and bank financing. According to the company, which is led by Ron Nash, the new funding came from Argonaut Private Equity, along with S3 Ventures, InterWest Partners, Mesirow Financial Private Equity and the Wilson Sonsini Goodrich & Rosati investment fund. Steve Mitchell of Argonaut joins the company's board. Pivot3 did not break down the split between equity and debt in the funding, which it says will go towards sales and marketing. Pivot3 develops virtual, converged infrastructure appliances being used in such areas as video surveillance, virtual desktop and disaster recovery.