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Network optimization startup's Series C funding round was led by Mayfield
March 12, 2002
SANTA CLARA, Calif. -- Peribit Networks, the only developer of DNA sequencing-based network optimization products today announced that Mayfield, a top tier venture capital firm, is leading a $20.5 million venture round in the company. Peribit’s previous investors, Accel Partners and Foundation Capital, have significantly increased their overall investment in the company. This Series C funding round brings Peribit’s total funding to $31 million.Peribit has a novel approach to optimizing the efficiency of wide-area networks (WANs). The company’s Molecular Sequence Reduction (MSR) technology marks the first time techniques used in DNA research have been applied to bolstering the performance and capacity of IT applications. Through MSR, Peribit has discovered that more than 70-90 percent of WAN traffic is repetitive data. By identifying and eliminating this repetitive data, MSR increases the network capacity of wide area network links by up to ten times. As a result, Peribit customers frequently realize a return on investment in three to nine months.“After hearing pitch after pitch, it was refreshing to discover a company like Peribit," said Janice Roberts, general partner at Mayfield who will join Peribit’s board. "We look to invest in companies that have a proven management team, powerful intellectual property, and an addressable multi-billion dollar market opportunity. Peribit is one of those very rare companies that provides its customers with an immediate ROI and diligently executes to a fiscally responsible business plan. The company has already established a great track record - it developed a reliable product quickly, has a growing customer base, and is generating revenue. We typically make earlier stage investments but Peribit's business plan was so compelling, we wanted to lead their late stage funding." Peribit Networks Inc.
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