The company developed its own spindle motor, which was fitted within the casting containing the disks. Maxtor's product architecture used eight disks 15 surfaces recorded data and the final surface was where the servo track information was located. In 1983, the company established a liaison and procurement office in Tokyo, headed by Tatsuya Yamamoto. The DBS (Development Bank of Singapore) agreed to provide financing to help grow the company in Singapore. The company also began negotiations with the EDB (Economic Development Board) of Singapore for favorable terms before committing to Singapore as its offshore manufacturing location. In February 1983, it shipped its first product to Convergent Technology and immediately received an additional $5.5 million in its second round of funding. Cassin and Chuck Hazel (Bay Partners) provided the initial $3 million funding and the company officially began operations on July 1, 1982. The Maxtor founders, James McCoy, Jack Swartz, and Raymond Niedzwiecki-graduates of the San Jose State University School of Engineering and former employees of IBM-began the search for funding in 1981. In 2006, Maxtor was acquired by Seagate.Īn early Maxtor hard drive (right) with a more modern laptop hard drive and coins (front) for size comparison In 2000, Maxtor acquired Quantum's hard drive division, which gave Maxtor the ATA/133 hard drive interface and helped Maxtor revive its server hard drive market. In 1996, Maxtor introduced its DiamondMax line of hard drives with DSP-based architecture. Maxtor was getting close to bankruptcy in 1992 and closed its engineering operations in San Jose, California, in 1993. In 1985, Maxtor filed its initial public offering and started trading on the New York Stock Exchange as "MXO." Maxtor bought hard drive manufacturer MiniScribe in 1990. In 1983, Maxtor shipped its first product, the Maxtor XT-1140. In 1981, three former IBM employees began searching for funding, and Maxtor was founded the following year. 1.5 Acquisition of the Quantum hard drive division.
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