Dune Networks, which provides networking devices for Metro Ethernet, Enterprise and Data Center platforms, has announced that it recently closed a $12 million series B investment round. The round was led by US Venture Partners.
Dune said that all its existing investors, Alta Berkeley Ventures, Aurum Ventures, Cipio Partners, Jerusalem Venture Partners, Pitango Venture Capital and its strategic investors, participated in the financing round.
This additional funding brings the total amount raised by the company to date to $45 million. Dune said that the new funding would be used to accelerate development of new product lines while expanding sales and support of existing customers.
“Dune welcomes USVP’s leading role in our latest round of financing, and is grateful for the continued confidence of our existing investors," said Dune Networks CEO, Eyal Dagan. "We strengthen our financial position to accommodate the rapid increase of customer’s projects, while accelerating the development of new devices.”
According to IVC, Dune Networks began sales three years ago. In 2006, its sales revenue amounted to $1.6 million. Information that has reached "Globes" indicates that the company almost doubled that figure in 2007.
"Dune has established itself as the leading vendor of high performance packet switching solutions," said USVP general partner Chris Rust, who joined Dune's Board as part of the investment. "With an exceptional management team, strong customer base, broad market acceptance, and clear technology leadership position, Dune is the type of company we like to work with. The entire USVP team looks forward to contributing to Dune's continued success."
Dune Networks was founded in 2000. The company is located in Sunnyvale, California, with an R&D center in the Europark Industrial Park at Yakum, Israel.
Published by Globes [online], Israel business news - www.globes.co.il - on January 14, 2008
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