Tasman Scores $15M

SAN JOSE, Calif. -- Tasman Networks, formerly Tiara Networks, announced today that it has raised $15 million in its Series F financing round. The new investment coupled with $5 million for the conversion of a bridge loan comes from new and existing investors. This round brings Tasman Networks' total financing to $75 million since the company began operation in 1997 as Tiara Networks. Investors in this round include Mayfield, and New Enterprise Associates (NEA) as well as undisclosed new investors. Tasman will use the funds primarily for new customer acquisition, working capital and strategic initiatives designed to increase its market share in the service provider and enterprise markets. Tasman has also bolstered its management team with the addition of Nate Cammack as CFO and the promotion of Muthu Muthuraman, a founder of Tiara Networks, to vice president of engineering. The funding and management appointments come on the heels of the company's recent name change and corporate direction shift from an access and aggregation router company to a focus on the $4 billion edge routing market. "Although Mayfield is normally an early-stage venture firm, we are investing in Tasman because of its strong management team, and diverse customer base including organizations such as Healthaxis and Tufts University. Tasman has been part of the Mayfield portfolio since its first round, and we continue to expect it to be a success," said Kevin Fong, managing partner, Mayfield. Tasman Networks Inc.