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Covaro Networks, developer of transport products for Ethernet services, completes $25.3M Series B round led by Centennial Ventures
February 24, 2004
RICHARDSON, Texas -- Covaro Networks, which simplifies Ethernet services deployment for carriers, today announced that it has closed its Series B funding for approximately $25.3 million.
The round was led by Centennial Ventures - a new Covaro investor with offices in Denver, Colo., and Austin and Houston, Texas. Participation also came from existing investors CenterPoint Ventures, InterWest Partners and Sevin Rosen Funds. This comes in addition to first-round funding that netted the company $16.7 million.
The $25.3 million raised in this round will be used to increase sales and marketing activities and to enable the expansion of manufacturing and customer support operations for Covaro's Etherjack based products.
Etherjack technology is a combination of access hardware and management software that establishes a demarcation point between carriers providing Ethernet services and the enterprises using them. In addition to transporting today's legacy services, Covaro allows carriers to transport and manage value added Ethernet services using traditional operations methods to reduce turn-up, test and maintenance costs. The technology also makes it possible to remotely identify the source of an Ethernet problem in either the customer network or carrier network, enabling service to be fixed or restored more quickly and cost effectively.
"We're thrilled by the results of our latest round of funding," said Covaro Networks President and CEO Joe Bass. "Attracting a new investor and receiving more than $25 million at a time when venture funding is scarce affirms that Covaro is on the way to becoming a vital part of the future of Ethernet services management."
Covaro Networks Inc.
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