Crossbeam Bags $18M

CONCORD, Mass. -- Crossbeam Systems(R) Inc., a leading global developer of total security solutions required for safer, simpler networks, today announced that it has secured $18 million in Series C funding.

Led by Matrix Partners, North Bridge Venture Partners and Commonwealth Capital Venture Partners, along with Intel Capital and Charles River Ventures, the funding brings Crossbeam's total to $52 million. The fully financed company will use the funds from this round to expand its operations worldwide.

The funding news follows developments in the first quarter of 2003 in which Crossbeam made noteworthy advances in significantly increasing its customer base, global reach and industry recognition. The company is leading the market for security services switches, recently identified by the Yankee Group as the major emerging technology for protecting networks. A February 2003 Yankee Group report labeled Crossbeam a "winner" in security technologies that increase trustworthiness of e-business systems.

"Given the difficult funding environment, this round provides a tremendous affirmation of Crossbeam and its security solutions, affirmation which is driven by our growing, global base of blue-chip customers, channel partners and technology partners," said Peter George, Crossbeam's president and CEO. "We are entering an incredibly important time for our company, and plan to use these new funds to further expand our product offerings and global operations to better serve our customers."

Crossbeam Systems Inc.