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 Silver Peak Systems Secures $13M Series B For Network Acceleration Appliances
By VentureWire Staff Reporters
Mountain View, Calif. - Silver Peak Systems Inc., a developer of enterprise-class network acceleration appliances, secured $13 million in Series B equity funding.
New investor Duff Ackerman & Goodrich LLC led the up round, which also included investment from Benchmark Capital and Greylock Partners. Closed in January, the current round brings the total equity investment in the company to $21.5 million.
The company's Series A round closed June 2004 with $8.5 million, said Craig Stouffer, vice president Worldwide Marketing. A debt round of $4 million closed in the first half of 2005 from Pinnacle Ventures, he added.
John Cadeddu, a partner at Duff Ackerman & Goodrich LLC, is joining the board.
The funding will be used for general expansion of the business in sales and marketing, engineering and support.
Founded in June 2004, the company launched its product in September 2005. The Mountain View, Calif., company makes network acceleration appliances that enable enterprises - usually in such sectors as financial services, health care, manufacturing and technology - to centralize branch office infrastructure and improve application performance across a wide-area network.
Typical customers are of the size the company terms "Global 2000," having between 100 and 1,000 branch offices each. One customer is Verity Inc., a provider of intellectual capital management software, acquired by Autonomy Corp. PLC in December 2005.
Competition comes from Peribit Inc., now owned by Juniper Networks, Packeteer Inc. and Actona Technologies Inc., now owned by Cisco Systems Inc., Stouffer said.
The employee head count is currently in the mid-50s, he added.
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