Financing round led by Charles River Ventures; investors include Menlo Ventures, OneLiberty Ventures, New Enterprise Associates

February 5, 2002

1 Min Read

WALTHAM, Mass. -- Sitara Networks, Inc.(R), the leading provider of QoS (Quality of Service) solutions for managing and optimizing application performance across networks, today announced the completion of a $23 million financing round led by Charles River Ventures. Menlo Ventures joined the prestigious list of investors, which includes OneLiberty Ventures, New Enterprise Associates, Oak Hill Venture Partners, Prism Venture Partners, Siemens, Van Wagoner Capital Management, MFS Investment Management, Deutsche Banc Alex. Brown, SI Ventures and Thomas Weisel Partners. With the new financing, Sitara will continue to invest in new product development, sales and marketing to further the adoption of its QoS solutions, which enable companies to deploy and enforce policies to improve the performance of applications over wide area networks. The latest round of financing is expected to fund the company through cash flow positive which is anticipated to occur later this year, based on the company's current plans and projections. "At a time when venture capitalists are very selective about their investments, we are fortunate to be recognized by world-class investors as a company that will succeed in the current climate," said Malik Khan, CEO and founder of Sitara. "Today's announcement allows us to build on recent successes, including nearly quadrupling our revenues year-over-year in 2001 and the increased acceptance of QoS. The additional funding allows us to strengthen our cash position, and fund our future growth to meet our goal of reaching breakeven this year."Sitara Networks Inc.

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