Coile began the research and development phase of the company in 2000 after leaving Cisco Systems, and developed the ATA over Ethernet (AoE) protocol, which enables storage networking using raw Ethernet frames for transport.

The company received a first, $10 million round of institutional financing from two venture capital funds in January 2010,[4][5] at the same time introducing new management and an advisory board.

The company website said they had more than 1,700 customers in sectors including media, hosting service providers, telecommunications, healthcare, aerospace, manufacturing, and government.

In May 2015, The Brantley Coile Company bought all the EtherDrive SRX and VSX assets.

[9] Coraid hardware and software products, VSX and SRX started shipping again in 2017.