Xkoto raises $7.5m, names new CEO

xkoto Inc., a provider of data virtualization solutions, today announced it has raised $7.5 million in new financing. The Series B funding was led by GrandBanks Capital. Existing investor GrowthWorks Canadian Fund also participated in this round, bringing xkoto's total venture funding to $10 million.

In conjunction with the funding, xkoto also named David Patrick as CEO, and announced that Khalil Barsoum and Tim Wright have joined the xkoto board. Previously, Patrick was vice president and general manager at Novell, where he managed the Linux, Open Source, and Platform Services Group.

The company, which is now based in Toronto, also announced plans to move its corporate headquarters to Boston.
(By D.C. Denison, Globe staff)