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Packet Design Raises $7.5 Million in Venture Funding |
Packet Design, a pioneer and leader in the field of route analytics solutions for managing large IP networks, has raised $7.5 million in the third round of venture funding.
The investors – Advanced Technology Ventures, Allegis Capital, Masthead Venture Partners, Mayfield Fund, and Packet Design LLC – 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, CEO, Packet Design, 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 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".
Jack 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.
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