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Cisco and Others Invest in Klocwork

U.S. Venture Partners, Pequot Ventures, Cisco Systems, and Duke University invest in Nortel spinoff Klocwork

January 10, 2003

1 Min Read

SANTA CLARA, Calif. and OTTAWA -- klocwork, Inc., the software intelligence company that enables software-intensive corporations to diagnose, repair, enhance, and extend the life of their software, has successfully completed its Series B private equity financing, raising $9 million from new and current investors.U.S. Venture Partners led the round, and Cisco Systems, Inc., and Duke University, became new investors. Pequot Ventures added to its original investment. The new funding will be used to expand klocwork's operations, including intensified sales and marketing activities, and new business development initiatives. Magdalena Yesil, general partner at U.S. Venture Partners, will join klocwork's board of directors. "This investment by such preeminent organizations reaffirms our patented technology, our business model, and the demand for the products we provide," said Eric Goodwin, klocwork's president and chief executive officer. "The klocwork suite of licensed products helps organizations achieve a rapid return on their investment, and longer-term benefits through measurable, continuous improvement in software quality and development performance." "Our software analyzes a system, extracts information directly from the source code, identifies defects, productivity bottlenecks, stability problems, and takes corrective action," he added. "It enables millions of lines of code to be examined within hours -- resulting in increased quality software and development performance." klocwork was founded in 2001 by a team of world-class software engineering experts led by Djenana Campara, chief technology officer, and Dr. Nikolai Mansurov, chief scientist. klocwork received its initial $5.0 million Series A funding in February 2001 from Pequot Ventures, when it was spun-off by Nortel Networks after a five-year incubation period. Klocwork Inc.

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