|
Silver Peak exiting stealth mode
By Jonathan Matsey
September 20, 2005 -- Mountain View, Calif. -- With $12.5 million committed from investors, Silver Peak Systems Inc., a maker of devices for managing network connections with branch offices, said that it is exiting stealth mode.
Rick Tinsley, president and chief executive of Silver Peak, said that the committed financing includes $8.5 million in Series A venture capital co-led by Benchmark Capital and Greylock Partners in September 2004, and $4 million in debt from Pinnacle Ventures.
Silver Peak, based in Mountain View, Calif., was founded last year by David Hughes, now the company's chief technology officer. Armed with a Ph.D. in packet network optimization and his experience in senior architect positions at Cisco Systems Inc. and Stratacom, Hughes' company has recently begun to receive its first revenues. "We began beta testing three months ago," Tinsley said. "We have recently received our first production orders from some of those beta customers."
Tinsley said that Silver Peak's devices are applicable to a variety of sectors, and that the company's customers include clients in financial services, health care, industrial manufacturing, and software design. "The nature of this product is pretty generic to any company with branch offices," he said.
Silver Peak's approach to branch office networks involves just one device for each branch, Tinsley said, and requires no extra software. "Our approach is quite scalable," he said. "You only need one device per branch."
Tinsley said that the current financing should be sufficient to take Silver Peak to the beginning of next year, when he said the company will likely raise a Series B.
Silver Peak's board includes Tinsley; Hughes; Andy Rachleff, general partner at Benchmark; and Roger Evans, general partner at Greylock. Based in Mountain View, Calif., Silver Peak has about 40 employees.
|
