UPDATE: EMC Invests In Storage VAR MTI

Tustin, Calif.-based MTI aims to use the funds to support operations, growth and other corporate functions, company executives said Monday.

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.

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.

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.

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.