Riverbed Gets $20M More

Riverbed Technology secures $20 million in third round of funding

January 10, 2005

2 Min Read

SAN FRANCISCO -- Riverbed Technology, the pioneer in wide area application acceleration, today announced it has secured $20 million in Series C funding. The lead investor in this round was Goldman Sachs, with follow-on investments from Accel Partners, Lightspeed Venture Partners and UV Partners who participated in the company's first two rounds of financing. Riverbed has raised a total of $37 million.

“2004 has been an absolutely fantastic year for Riverbed,” said Jerry M. Kennelly, President and CEO, Riverbed Technology. “Not only did we introduce our first product in May of this year, in the eight months since then we've sold it to over seventy enterprise customers, and we have more than 500 units deployed on six continents. We are seeing strong and broad demand for our solutions in many vertical markets around the world, markets as diverse as energy, manufacturing, financial services, chemicals, professional services, architecture, and many others. We have strong industry partners like EMC, HP, Microsoft and IBM, and we're expanding very quickly.”

Riverbed's products can be applied to several categories of problems facing IT managers: First, Steelhead appliances can accelerate applications by up to 100 times on wide area networks, which directly impacts collaboration & productivity in global enterprises. Second, they can be the key to successful site consolidation of IT infrastructure like file servers, Exchange servers, NAS and tape backup equipment from remote offices to data centers. Third, Steelhead appliances are the highest performing network compression appliances on the market, offering unmatched bandwidth reduction. Fourth, the appliances can be used to “fill the pipe” for customers who have high bandwidth high latency links (a.k.a. “Long Fat Networks” or LFNs).

Joe DiSabato, Managing Director at Goldman Sachs said, “Riverbed is targeting an extremely large and exciting market opportunity. They seem to be the first player in the market to fully understand all of the problems that affect application performance on wide area networks and are delivering a complete solution that truly meets the needs of enterprise customers.”

Riverbed Technology Inc.

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