ReefEdge Reels In $7M

Secures additional $7 million in financing from Ericsson Venture Partners and Saturn Venture Partners

December 18, 2001

1 Min Read

FORT LEE, N.J. -- ReefEdge, Inc., the leader in products that build confidence in wireless LANs, today announced that it has secured an additional $7 million round in financing from Ericsson Venture Partners and Saturn Venture Partners. This announcement follows the launch and general release of the next generation of ReefEdge's flagship product, ReefEdge Connect System v2.0 (release dated 12-03-01). This latest round of financing brings the company's total funding close to $30 million. The initial round funding of $6.8 million in 2000 was led by Bessemer Ventures and Columbia Capital, followed by a $15 million round led by RRE Ventures, that also included Allegra Partners, Bessemer Venture Partners and Columbia Capital. ReefEdge will use the latest infusion of funding to expand its product initiatives into new markets. "We're very excited to have received this strong support from venture organizations that are associated with the leaders in the global telecommunications marketplace. Saturn's largest investors are Telecom Italia, Telecom Italia Mobile and Olivetti, while Ericsson Venture Partners brings to us its close relationship with Ericsson, the leading telecommunication equipment supplier," said Inder Gopal, CEO of ReefEdge. "This funding in the current economic climate is also a testament to our technology and vision for the company."ReefEdge Inc.

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