Mehrotra, Saraiya raise $17.5 M second round
By siliconindia   |   Tuesday, 07 September 2004, 19:30 IST
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CALIF: Dr.Sharad Mehrotra and Nakul Saraiya co-founded Fabric7 Systems Inc., a Mountain View, CA -based provider of delivering system solutions for large enterprise data centers, has raised a $17.5 million second round led by Selby Venture Partners, with participation from new investors Foundation Capital, Vanguard Ventures and Yasuda Ventures. Existing investors, including New Enterprise Associates (NEA), Goldman Sachs, Sanmina-SCI, also participated. Sharad Mehrotra, Fabric7’s President and CEO, was earlier an Entrepreneur in Residence at NEA and Founder, Chairman and CEO of Procket Networks Inc. Nakul P. Saraiya, Fabric7’s Chief Software Architect, has earlier worked with Akamai Technologies, CacheFlow and Sun Microsystems. Selby is joined by new investors Foundation Capital, Vanguard Ventures and Yasuda Ventures. Existing investors, including New Enterprise Associates (NEA), Goldman Sachs, Sanmina-SCI, and others, also participated. The new financing will enable the Company to ship its first generation products and to fund future growth. "We are delighted with this financing and the confidence expressed in our plan by our new and returning investors. Several years ago we laid out a vision for re-architecting the enterprise data center with a new class of standards-compliant equipment that delivers capabilities that the competition is only now starting to talk about. This financing will provide us with the resources required to complete product development and enter the market to validate our vision." stated Dr. Sharad Mehrotra, President and CEO of Fabric7 Systems. Bob Marshall, Managing Partner at Selby Ventures and newly appointed Fabric7 board member added, "Fabric7 is developing a compelling product portfolio that will simplify the provisioning, configuration and management of corporate data centers and enterprise computing environments. We expect the company’s systems to deliver disruptive price and performance advantages over existing solutions with next generation platforms that consolidate multi-functional IT services." Marshall was the co-founder and former Chief Operating Officer of Tandem Computer. "We incubaed and seeded Fabric7 over two years ago, and have been impressed at how the Fabric7 management team has executed an extremely capital efficient plan while continuing to deliver on its ground breaking technology" said C. Richard Kramlich, General Partner at NEA. "We are proud to be associated with Sharad and the Fabric7 team." Fabric7's founding team has extensive background in computer systems, networking technologies, and operating systems, and have managed and built successful organizations in business and technology. Prior to Fabric7, Sharad Mehrotra, Ph.D., President and CEO, was an Entrepreneur in Residence at NEA and Founder, Chairman and CEO for Procket Networks, Inc. R. David Dicioccio, Chief Operating Officer, previously advised and raised capital for a number of successful Silicon Valley start-ups, and, as a Managing Director at UBS/PaineWebber, built and managed the Technology Investment Banking Group. Nakul P. Saraiya, Chief Software Architect, was formerly a Principal Engineer at Akamai Technologies, in the CTO’s Office at CacheFlow, and a Senior Staff Engineer at Sun Microsystems. Thomas D. Lovett, Chief Server Architect, was most recently a Distinguished Engineer at IBM, and previously the lead system architect at Sequent Computer Systems.

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