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NeoPath exits Stealth, raises $6M in Series A
By siliconindia
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Wednesday, 10 March 2004, 20:30 IST
SANATA CLARA: NeoPath Networks, a provider of file management software, said that it has raised $6 million in Series A financing.
New investors August Capital and DCM - Doll Capital Management led the round, joined by existing investors DotEdu Ventures and Bill Joy through HighBAR Ventures. The financing round closed last spring.
NeoPath's announcement of its financing marks the company's exit from stealth mode, a move it made as it prepares its product for the market. "We're reaching a stage where we need to get credibility for the company," said Rajeev Chawla, president and CEO of NeoPath.
Chawla said that the company has been mainly engaged in research and development for the first product and is still hiring R&D staff, as well as sales and marketing employees. Leaving stealth mode and disclosing the financing, he said, is important as the company begins lining up customers.
Chalwa would not say when he planned on releasing the product and was equally mum about the exact nature of his company's technology. "It's a platform to reduce the cost of managing unstructured data," he said. Stephen Beer, NeoPath's director of product management and marketing, said that he estimates around 50 percent to 70 percent of all corporate data is unstructured.
As a result of the financing, Vivek Mehra, partner at August Capital and Rob Theis, general partner at Doll Capital, have joined NeoPath's board. The company also said that it has appointed an outside director, Rajeev Motwani, professor of computer science at Stanford University. Other board members include Mr. Chawla and Panagiotis Tsirigotis, vice president and chief software architect at NeoPath.
Santa Clara, Calif.-based NeoPath Networks, founded in May 2002 by Messrs. Chawla and Tsirigotis, Anand Iyengar, chief technical officer, and Thomas Wong, vice president of engineering, had raised a $200,000 seed round in 2002 from DotEdu and Bill Joy.