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AGENCY CONTACT Janis Ulevich Ulevich & Orrange, Inc. 650.329.1590 info@u-o.com |
PACKET DESIGN RAISES $7.5 Million in Venture Funding
PALO ALTO , Calif., Oct. 3, 2006 – Packet Design, Inc., the pioneer and leader in the field of route analytics solutions for managing large IP networks, has raised $7.5 million in a third round of venture funding.
The investors – Advanced Technology Ventures, Allegis Capital (both of Palo Alto, Calif.), Masthead Venture Partners (Cambridge, Mass.), Mayfield Fund (Menlo Park, Calif.) and Packet Design LLC (Palo Alto) – all have participated in previous Packet Design funding rounds.
With earlier rounds of $14.5 million in 2003 and $10.5 million in 2005, the new funding brings Packet Design's total venture financing to $32.5 million. The company has been selling Route Explorer, the industry's first route analytics system, since 2003, and earlier this year introduced Traffic Explorer, the first integrated routing and traffic analysis system.
Jack Bradley, Packet Design CEO, said, "Having all of our previous investors participate in this new round is a tremendous vote of confidence in our progress and our product roadmap. Our revenue has grown 60 percent year-over-year, and our customer base now includes more than 140 of the largest enterprise and service provider organizations in the Americas, Europe and Asia. In recent months our new Traffic Explorer solution has struck a chord with managers of large networks as they have realized the power of combining routing and traffic analysis in a single product. We're also seeing a growing demand for effective management of VPN [virtual private network] services on the part of both enterprise users of such services and service providers who offer them. Our product plans for the coming months will reflect this trend."
Bradley said the new capital will be used both to fund the new product development and to expand the company's sales coverage and market penetration.
Packet Design's board of directors includes Bradley; Judy Estrin (chairman); Wes Raffel, general partner at Advanced Technology Ventures; Yogen Dalal, managing partner at Mayfield; and Stephen K. Smith, general partner at Masthead Venture Partners.
About Packet Design, Inc.
Packet Design, Inc., pioneered the field of route analytics and is the leading supplier of network appliances that provide routing-layer visibility into IP networks. The company's flagship products are Route Explorer, which creates an accurate layer 3 topology map and analyzes routing events to let network engineers quickly pinpoint and resolve routing and other network problems; and Traffic Explorer, which integrates traffic-flow information onto that map to provide the first end-to-end, "topology-aware" view of network traffic. Packet Design products today help manage networks in global enterprises, educational institutions, government agencies, and the world's largest service providers.
Packet Design, Inc., was spun out in March 2003 from Packet Design, LLC, the fourth networking company started by entrepreneurs Judy Estrin and Bill Carrico, who previously founded Bridge Communications, Network Computing Devices and Precept Software. The company has raised $25 million in venture funding from Advanced Technology Ventures, Mayfield Fund, Masthead Venture Partners, Allegis Capital and Packet Design, LLC. For more information, visit http://www.packetdesign.com.
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