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November 14, 2006
Biz Plan Competition With A $20M Result For Netronome
It looks like making a pitch at a MobileMonday event in London, hosted by 3i, paid off for Netronome Systems, a network processing board developer. It just raised a $20m Series C round led by 3i's venture capital unit, and added new investor, Tudor Investments.
Existing backers Top Technology Ventures, Spinner Global Technology Fund and a group of business angels including FORE Systems founders Robert Sansom and Eric Cooper, also participated in the round.
We rarely hear of companies getting a direct result from making their pitch at the various industry events, so when it happens we note it. 3i's spokeswoman told us that her firm's investment team first became involved with Netronome at a MobileMonday event it hosted earlier this year.
Netronome was founded in 2003. Its hardware can be used by network appliance vendors or by switch manufacturers developing network security gear, but also for application optimization (Netronome's tech analyzes content - deep packet inspection - and delivers it faster or slower depending on whether or not it is voice video data etc.) It supports network virtualization.
Read - 3i leads $20m funding of Netronome to accelerate virtualization vision with its Open Appliance Platform (press rel.)
Posted on November 14, 2006 08:40 AM | Posted to Hardware | News And Updates | Permalink
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