Cavium Networks secures $18M in Series C Funding
Additional Funding Will Fuel Product, Customer Growth and the Drive to Profitability
Santa Clara, CA, July 31, 2003 -
Cavium Networks, the leader in security processing with the industry's broadest product line, announced that it has closed an oversubscribed $ 18 Million Series C round of funding. New investors in this round include NeoCarta Ventures, NTT Leasing Co. (investment arm of NTT), China Development Industrial Bank and William Jones and Associates. Current investors Menlo Ventures, Alliance Ventures and Diamondhead Ventures also participated in the round. The closure of this round brings the total funding received by Cavium Networks to $ 41.5 Million.
"The investment from our existing investors and several new significant investors at an increased company valuation is a testament to the strength of our product line and customer adoption," said Syed Ali, President and CEO of Cavium Networks. "We are pleased to have China Development Industrial Bank, NeoCarta Ventures and NTT Leasing Co. as new investors. Their corporate and geographic expertise will be invaluable to Cavium Networks in developing new customers and channels for our products."
In about two and a half years of existence, Cavium Networks has delivered three award-winning security processor families, with over 20 security processor and board products, targeted for IPsec, SSL, Wireless LAN and Multiservice applications - with performance ranging from 50Mbps to 10Gbps. Over 30 customers, including several tier-1 communication OEMs, are using Cavium Networks NITROX security processors in a wide range of networking equipment such as VPN gateways, SSL VPNs, wireless gateways, SSL load-balancers, routers, switches, web-servers and SANs.
"Our extensive due-diligence as part of the investment process led us to conclude that Cavium Networks is the market-leader for security semiconductor solutions," said Irene Shih, Assistant Vice President at China Development Industrial Bank. "We have extensive customer relationships in Asia and will work with Cavium Networks to bring their outstanding products to Asian customers."
Andre Turenne, Managing Director of NeoCarta Ventures added, "Cavium Networks broad range of security products offer a unique advantage and address a large and growing market. The team has developed a huge barrier to entry with its product architecture and excellent execution. NeoCarta is happy to support Cavium Networks in the Series C round, and will help in developing strategic relationships with key customers and partners."
"NTT Leasing makes strategic investments in companies that provide critical and innovative functionality for the networking infrastructure," said Muneharu Yamamoto, Executive Vice President of the NTT Leasing Co., Ltd. "We view Cavium Networks products as critical to the evolution of the network infrastructure and aligned with NTT's strategies - and we are pleased to participate in this round."
"Cavium Networks is very well-positioned with a compelling and comprehensive product line in a high-growth market space," said John Jarve, Managing Director of Menlo Ventures. "We are pleased to be working with Cavium Networks exceptional team on their road towards profitability."
About Cavium Networks:
Cavium Networks is a semiconductor company that is delivering the industry's largest family of network security processors. Cavium Networks award winning NITROX security processors are single chip solutions that deliver 50Mbps to 10Gbps of encryption bandwidth with 1K to 40K RSA/DH operations per second. Cavium Networks highly integrated, feature rich NITROX families of Security Macro Processors deliver unprecedented performance in wired and wireless network security applications and SSL based secure e-Business while significantly reducing the cost and complexity of deployment. Cavium Networks is headquartered in Santa Clara, CA with an IC design center in Marlboro, MA. For more information, please visit: http://www.cavium.com
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