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Colubris Networks has raised $13M in Series C financing led by GranBanks Capital
March 8, 2004
WALTHAM, Mass. -- Colubris Networks, a global provider of intelligent wireless LAN (WLAN) access equipment and management systems, today announced that it has secured $13 million in series C funding. The oversubscribed round was led by GrandBanks Capital, with participation by new investor Mid-Atlantic Venture Funds. Existing investors, including Prism Venture Partners and the Development Bank of Canada, also participated in the round. The new funds will be used to fuel the company's continued growth in the hotspot service provider and enterprise markets, where it has won significant new customers in competition with Cisco Systems and others.
Founded in 2000, Colubris Networks has been shipping products globally for nearly three years and has more than 500 customers worldwide. The new funding brings the total investment in the company to $21 million. The firm will use the money to expand sales, business development, marketing and engineering efforts.
"Our company has built a powerful track record of identifying high-value applications for Wi-Fi technology, then delivering best-in-class solutions that enable customers to easily and economically take advantage of those opportunities," said Colubris Networks President and CEO Barry Fougere. "This additional investment, coupled with our strong and growing revenue base, will fund initiatives that we are undertaking to extend our leadership position in large enterprise and service provider markets on a global basis."
Colubris Networks Inc.
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