UPDATE: EMC Invests In Storage VAR MTI

Storage solution provider MTI Technology plans to raise $20 million in a private-placement equity financing transaction that includes $5 million from storage vendor EMC. <P> Tustin, Calif.-based MTI aims to use the funds to support operations, growth and other corporate functions, company executives said Monday. <P> This is not the first time EMC invested in MTI. In June 2004, the Hopkinton, Mass.-based storage giant contributed $4 million of a $15 million investment in the solution provider. <P> The financing is being lead by Advent International, a Boston-based investment company. Advent last June led a $15 million round of equity financing in MTI. <P> Last week, MTI officials said the company had revenue of $39.3 million for its first fiscal 2006 quarter, which ended July 2. That was up about 51 percent over the $26 million it recorded a year ago. The company had a net loss of $3.6 million, or 10 cents per share, during the quarter, compared to a net loss of $1.9 million, or 6 cents per share, the year before. <P> MTI reported the equity financing after the close of the stock market. Shares on Monday closed at $1.91, up 3 cents for the day.