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AGENCY CONTACT Janis Ulevich Ulevich & Orrange, Inc. 650.329.1590 info@u-o.com |
PACKET DESIGN, INC., RAISES $14.25 MILLION IN VENTURE FUNDING
Recent Spinout of Estrin/Carrico Venture Addresses Reliability,
Efficiency, Predictability of IP Networks
PALO ALTO, Calif., March 26, 2003 - Packet Design, Inc., the company spun off earlier this month by Packet Design, LLC, to develop network appliances that enhance the reliability, efficiency and predictability of IP networks, has raised $14.25 million in Series B venture funding.
Lead investors are Advanced Technology Ventures, of Palo Alto, Calif., and Mayfield Fund, of Menlo Park, Calif. Also participating in the round are Allegis Capital, of Palo Alto, Masthead Venture Partners, of Waltham, Mass., and Packet Design, LLC.
Prior to March 1, the company had existed as a set of internal technology projects of Packet Design, LLC, the fourth networking startup formed by husband-and-wife entrepreneurs Judy Estrin and Bill Carrico. Packet Design, LLC, had also provided seed funding for the spinoff.
Packet Design's initial product, Route Explorer, was introduced in May 2002 as the first product to look into the IP "cloud" and leverage the routing protocols to gather, display and analyze routing-path information - both in real time and historically - enabling network managers to detect IP anomalies early and resolve them more quickly. Route Explorer has been shipping since mid-2002, and a new version of the product will be introduced next month.
"This infusion of capital provides Packet Design with the resources to build a powerful market presence for our pioneering layer 3 route analytics technology and, over the next several years, to expand that technology into a broader family of network appliances," said Packet Design CEO Douglas Brent. "As investors who are committed to funding companies with a solid technology base and a realistic, long-term plan for success, ATV, Mayfield, Allegis and Masthead are all excellent partners for us."
The Packet Design, Inc., board of directors includes Estrin (chairman); Brent; Jack Bradley, Packet Design chief financial officer; Wes Raffel, general partner at Advanced Technology Ventures; and Yogen Dalal, managing partner at Mayfield.
About Packet Design, Inc.
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