Internet Machines Raises $41 Million

Exar is the lead investor in the Series C financing round, bringing the total raised so far to over $80 million

July 16, 2001

1 Min Read

FREMONT, Calif. -- Exar Corporation (NASDAQ: EXAR) and Internet Machines Corporation today announced that Exar has made a strategic equity investment as the lead investor in Internet Machines' Series C financing. Internet Machines raised $41 million in this round, bringing the total raised to over $80 million in equity since the company's founding in January 2000. Banc of America Securities also participated as a minority investor in the round. Internet Machines is developing a family of network processor and switch fabric components that deliver wire-speed performance with full software programmability. This system-based solution is highly integrated and protocol independent with support for concurrent multiple protocol and service types. Internet Machines' packet processing and switching solutions are targeted at OC-192c (10 Gbps) and higher line speeds in metro edge, metro core and other Internet infrastructure equipment applications. Internet Machines' system expertise in network processing and switching fabrics complements Exar's expertise in the physical layer (transceivers and framers). "A tremendous amount of synergy exists between Internet Machines and Exar," stated Don Ciffone, Exar's president and CEO, who will be taking an Internet Machines board seat. "We have the opportunity to collaborate on silicon products that will provide OEMs with an OC-192c solution that has seamless interfaces, better density and lower system power. This solution will enable OEMs to develop competitive next generation SONET/SDH equipment, an $800 million market in 2000 that is projected to grow at a CAGR of 84% according to KMI."Internet Machines Corp.

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