April 22, 2002
- Sunnyvale, CA
Azanda Network Devices, an innovator in the development of silicon products for managing the way traffic is processed in network core, edge and enterprise markets, today announced that it has accumulated an additional $7 million in its Series B funding round from investors including Newbury Ventures. The round now stands at over $26 million.
On March 11, 2002, Azanda revealed an investment of $19 million from Series A investors Bessemer Venture Partners, Commonwealth Capital Ventures, Goldman Sachs and Highland Capital Partners. Today's announcement of additional funding brings total capital raised since Azanda's inception to $36 million.
From April 23-25, Azanda will be exhibiting in booth #208 of the NGN Ventures Conference in Burlingame, Calif., (http://www.bcr.com/ngnv). Azanda will also be exhibiting in booth #3135 at the Networld+Interop trade show in Las Vegas May 6-10, (http://www.key3media.com/interop/lv2002/index.php).
According to Azanda's president and CEO, Steve Dines, "The overwhelming support from all of our investors is a shining testament to Azanda's strong business model and technology. Considering the investment climate, we're gratified at the interest shown by new investor Newbury Ventures, in financing Azanda in this round. With the help of this additional funding, Azanda will be able to deliver on our technology and product roadmap well past the production of our first OC-48 traffic management product."
Faced by financial retrenchment, carriers are under mounting pressure to expand the capacity of their existing networks to support greater amounts of data traffic. As a result, OEMs are attempting to scale existing equipment with optical networking line cards offering higher density and increased performance of such functions as traffic management, which involves complex scheduling and statistics gathering. Azanda is currently in the process of finalizing the commercialization of its next-generation technology for a variety of silicon products to meet this market demand, including an OC-48 traffic manager slated for release this quarter.
"We're very pleased to be investing in Azanda at this exciting stage of its development, as it prepares to debut its first product," said Colleen Salo, general partner of Newbury Ventures. "We feel the demand of networking equipment manufacturers to bring their products to market more quickly illustrates a compelling need for high-performance, open architecture silicon products like those underway at Azanda."
In conjunction with the investment from Newbury Ventures, Colleen Salo will be joining Azanda's board of directions. Colleen, a general partner of Newbury Ventures, focuses on early stage communications and information technologies. Before joining Newbury Ventures in 1997, she was responsible for the business development activities of Newbridge Network Corporation (now Alcatel), the venture capital arm of Newbridge Networks in California. Prior to joining Newbridge, Colleen managed channel marketing activities at Advanced Computer Communications (ACC), a WAN remote access company acquired by Ericsson in 1998.
"This investment reflects Highland's recognition of the capabilities of Azanda's stellar management team," said Sean Dalton, General Partner of Highland Capital Partners and also a member of Azanda's board of directors. "It is truly rare for a company at this stage of development to have gathered together a group with so much industry knowledge and engineering talent to deliver on their mission. Through working for the biggest names in the industry, Azanda's team accumulated its expertise in successfully designing SONET, ATM and Ethernet switching components, and it clearly shows in their technology roadmap."