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Nevis pulls $12.5 M series B financing
si Team
Monday, August 1, 2005
Nevis Networks, a provider of Local Area Network security systems has pulled in $12.5 million follow-on round of Series B financing.

New Enterprise Associates joins existing investors BlueRun Ventures and New Path Ventures in this significant up-value round, which raises the total investment in Nevis to $32.5 million.

Nevis will use these funds to accelerate product release and expand sales and marketing workforce.

Nevis was founded in 2002 by five Indians – Suresh Nihalani who until recently served as CEO, Ramesh Panwar, Chief Technology Officer, Ajit Shelat, Vice President of Engineering, Amol Mahajani, Director of Software Development and Manish Muthal, Director of ASIC Design.

With the new round of funding, VCs have appointed Charles Dauber as the CEO and President to steer the company forward and Nihalani has moved to Omnilux, an optical wireless solutions provider as CEO and President. Panwar has joined Juniper Networks. The other three founders remain in the company.

Dauber previously held roles as vice president of marketing, VP of security products and VP of corporate development at the network security company Blue Coat Systems.

Dauber said with this additional funding and NEA’s assistance, the company is preparing for an aggressive entrance into the LAN security market.

Nevis is headquartered in Santa Clara with an R&D center in Pune, India employing approximately 130 engineers most of them based in India.
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