Hammerhead Raises $30M

Hammerhead closed a $30 million Series C round of funding, led by new investor Silver Creek Ventures and joined by new investor Apex Venture Partners

January 31, 2006

2 Min Read

MOUNTAIN VIEW, Calif. -- Hammerhead Systems, Inc., the market leader in Layer 2.5 Aggregation solutions, today announced the closing of a $30 million Series C round of funding, led by new investor Silver Creek Ventures and joined by new investor Apex Venture Partners. All existing investors participated in the round which now brings the total equity raised by Hammerhead Systems to $80 million. The funds will be used for working capital including expanding sales, marketing and customer support in North America and internationally, as well as the acceleration of product development in response to customer demand and establishing volume manufacturing.

"We are delighted to have Apex and Silver Creek Ventures join our board and are pleased that our recent market successes and stringent financial controls have been recognized by our investors," said Peter P. Savage, Hammerhead Systems CEO. "We will continue our focus on delivering the only Layer 2.5 aggregation and switching solutions available today as we expand our operations to meet customer demand."

"George Middlemas, Managing General Partner of Apex Venture Partners, invested in two previous companies led by Pete Savage, including Commterm, acquired by Alliance Telecommunications, and Applied Digital Access," said Babu Ranganathan, General Partner at Apex Venture Partners and new Hammerhead Systems Director. "We are very pleased to again invest in a company led by Pete Savage, which is executing to the highest levels within tier 1 carrier networks."

"The carrier market has shown significant demand for Hammerhead's HSX 6000 and its ability to win tier 1 networks with its innovative network processor architecture, including Bandwidth Pooling (patent pending), 1:N Redundancy, and technology leadership in MPLS Pseudowires and QoS," said Mark Masur, General Partner of Silver Creek Ventures and new Hammerhead Systems Director. "Hammerhead's time-to-market lead offers carriers real, flexible, and cost-effective solutions to support their network expansions today."

Hammerhead Systems Inc.

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