Inkra Networks takes aim at profitability with $30.1M in new funding, from a round led by Morgenthaler Ventures

August 26, 2002

2 Min Read

FREMONT, Calif. -- Inkra Networks announced today receipt of $30.1 million in its second round of institutional funding from some of the most successful firms in venture capital. Morgenthaler Ventures led the oversubscribed round, with repeat participation from Inkra's existing investors Battery Ventures, Norwest Venture Partners, Storm Ventures, and Greenstone Venture Partners. With Morgenthaler's investment, Inkra joins a portfolio that includes Apple Computer, Computer Associates, and NEXTEL. The new funds bring the company's total capital commitment to $66.6 million to date.Inkra will use this investment to expand worldwide sales, support, and business operations to meet market demand for its Virtual Service Switch (VSS) product family. Since Inkra announced its VSS products in April, the company has secured a multi-million-dollar strategic partnership with NEC System Integration, established key distribution channels in Korea, and announced a multi-million-dollar U.S. sale to SAVVIS Communications."This funding milestone confirms Inkra as the leader in virtual IP service solutions for the next-generation data center, and takes the company viability question off the table," said Sanjay Dhawan, president, CEO, and co-founder of Inkra Networks. "Inkra has now made the official transition from start-up R&D mode to revenue-generation mode. With this funding Inkra will ramp to volume production and focus 100% of its efforts on providing industry-leading support to customers making the transition to the next-generation data center."In conjunction with the funding round, Inkra will add Ken Gullicksen, partner with Morgenthaler Ventures, to its board of directors. Gullicksen was previously the founding CEO of FiberStreet, Inc., a Gigabit network service provider. He also served in a number of business development and engineering management roles at Nortel Networks and Sun Microsystems. Gullicksen's background places him in close connection to Inkra's target market, bringing the company a wealth of strategic contacts. Inkra Networks

Subscribe and receive the latest news from the industry.
Join 62,000+ members. Yes it's completely free.

You May Also Like