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Force10 Puts $41M in the Bank

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MILPITAS, Calif. -- Force10 Networks, Inc. today announced it has closed $41 million in new funding, bringing the total investment in the company to $209 million. Investors in this financing round include New Enterprise Associates (NEA), U.S. Venture Partners (USVP), Worldview Technology Partners, Amerindo Investment Advisors, and Pacesetter Capital Group, among others.

“Raising this amount of money in today’s market environment is a testament to Force10’s technology leadership position and customer success,” said Dick Kramlich, co-founder and general partner, New Enterprise Associates. “Force10 is winning many new customers across multiple application segments, and this new funding will take the company to profitability. I see a very exciting future for Force10.”

Force10 Networks Inc.

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BobbyMax
User Ranking
Saturday February 22, 2003 9:23:48 PM
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Force10 has a very stiff competition from many well established that are already in the market. VC funding is no measure of company's success. There are no trial results.It has given its product to the University of Amsterdem. It does mean anything.

Force10 has always swelled its workforce for no reason. It was done to impress the investors. Its funders do not understand the marketing and technical aspects of the metro ethernet market.

Force10 has been in business for a long time before announcing products. The way things are shaping up, I do not see any meaningful announcements coming from.

PacketProtector
User Ranking
Friday February 21, 2003 4:13:50 PM
no ratings
So far they've only announced sales in the Grid Computing/SuperComputing market. Can that market sustain their burn rate? I'd be surprised. Which would lead me to suspect this was a washout round. Anyone know?
optic_guru
User Ranking
Friday February 21, 2003 3:11:17 PM
no ratings
good to see that VC funding is on rise.. but these days they are very picky and really tough on companies. very few established companies could make it. glad that force10 is one among those..
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