Dune Networks Inc., a fabless provider of silicon solutions for communication platforms, announced today that it has raised $24 million in its first round of funding.
The investment was co-led by Aurum-SBC Ventures, Jerusalem Venture Partners and Pitango Venture Capital and includes investments from Alta Berkeley Venture Partners and Elwin Capital Partners. The funding enables Dune to pursue its development and marketing goals for introducing its first generation of products.
"To complete such a large Series A round in this challenging market environment is a vote of confidence for Dune," said Eyal Dagan, CEO of Dune Networks. "We believe Dune will lead a conceptual change in the space of networking devices, an area of rapid growth and vital importance to system vendors."
Dune Networks is already far along in product development and will release further details about its technology towards the end of this quarter.
"We invest in companies that offer innovative technologies for markets with high growth potential," said Oded Rose, managing director of Aurum-SBC Ventures, a joint investment company of the Aurec group and SBC Communications Inc. "Dune Networks garnered substantial investor commitment in its first round due to superior technology, development expertise from the chip on up to the systems levels, and the proven ability of its management team to execute. Most important, we are convinced that Dune Networks can truly make a difference in switching, an area that is so critical to the growth and future of networking."
Dune Networks was founded in October 2000 and is headquartered in Agoura Hills, Calif, with an R&D center in Yakum Industrial Park, Israel.
Published by Globes [online] - www.globes.co.il - on 20 August 2002