CHELMSFORD, Mass.–(BUSINESS WIRE)–May 21, 2003–Acopia Networks, Inc., a developer of unique Adaptive Resource Networking products, today announced that the company has closed $30 million inadditional funding. This Series B financing brings the total capital raised to over $40 million and introduces two new investors, STAR Ventures and St. Paul Venture Capital, along with existinginvestors Charles River Ventures, Accel Partners and Cheng Wu, the company’s chairman. The new funds will be used to further expand the company’s sales, marketing and product development efforts.
The company is also announcing the appointment of Rami Kasterstein, partner with STAR Ventures, and Zenas Hutcheson, managing general partner with St. Paul Venture Capital, to the Acopia Networks board of directors.
“Securing $30 million in today’s challenging fund-raising climate validates Acopia’s vision and market potential,” said Christopher P. Lynch, president and CEO of Acopia Networks. “This new round of funding enables us to successfully build our business of providing solutions that address the utilization of storage, server and network resources and the adaptation of those resources to cost-effectively meet global service requirements.”
“Acopia’s value proposition and business opportunity is unique in the market today,” said Rami Kasterstein, partner with Star Ventures and a new Acopia board member. “Its products solve problems that contribute an immediate return on investment for customers.”
“We are big believers in Acopia’s market opportunity,” said Zenas Hutcheson, managing general partner with St. Paul Venture Capital. “Its experienced team and execution to date lead us to believe that the company is very well positioned to succeed.”
Acopia Networks will release the initial version of its product next month and plans to announce further details of its strategy and product plans later this summer.
About Acopia Networks
Acopia Networks is pioneering a new class of product, the Adaptive Resource Switch, which integrates technologies such as L4-7, server switching, file switching, and web service switching to uniquely deliver an on-demand network infrastructure. This solution empowers enterprises to “conserve, control, and adapt” their existing global IT infrastructures. The result is a dramatic reduction in storage and server capital expenditures as well as significant savings in operational costs. Adaptive Resource Switching aims to dramatically change the economics of today’s distributed global infrastructures by significantly extending enterprises’ existing investments in information resources and optimizing the delivery of, and access to, data stored worldwide. Acopia Networks was founded in January 2002, and is headquartered in Chelmsford, MA. For more information, visit http://www.acopia.com/.
Copyright 2003 Acopia Networks, Inc. Acopia is a trademark of Acopia Networks. All other brands, products, or service names may be trademarks or service marks of the companies with which they are associated.
