InovaWave, an Austin based company that develops software for optimizing and managing virtual environments, recently raised an additional $7.2 million through a Series B financing.  Matrix Partners, which has offices in Boston and Silicon Valley, lead the investment, while Silverton Partners, which lead the Series A round, also participated.  In connection with the financing, Chris Ostertag, a veteran of several Austin start-ups including Waveset Technologies and Tivoli Systems Inc., was appointed CEO.

The financing follows on the footsteps of InovaWave having its DXtreme for Windows product named in June as a winner of the "Best of TechEd Awards 2007" in the Windows Server Infrastructure category by Penton Media’s Windows IT Pro®, SQL Server Magazine® and Office & Sharepoint Pro.com.