Nevis raises $10m
Date: Monday , May 31, 2004
Nevis Networks, a company developing solutions for enterprise security, has raised a $10 million second round of funding led by Nokia Venture Partners. Around the same time last year, Nevis had raised a $10 million series A from New Path Ventures, a firm founded and managed by chip industry pioneers Vinod Dham and Tushar Dave. Nevis will use this financing round to continue development of its enterprise network security solutions.
Santa Clara, CA-based Nevis has an R&D center in Pune, India. “The Pune R&D center is a critical asset for building complex enterprise security solutions and a remarkably effective use of the start-up capital,” observes Dham. The company employs 100 engineers and most of them are based in India.
Founded in 2003 by Suresh Nihalani, Ajit Shelat, Manish Muthal, Amol Mahajani and Ramesh Panwar, Nevis is still in a stealth mode and has not yet announced its products. A statement on the company website reads: Nevis is building the technology and systems that will fundamentally change the way the enterprise network is secured. “Despite years of investment in security technology, there are a ton of enterprise security problems still to be solved and we read them in the headlines all the time. We are attempting a novel approach to solving significant problems in the enterprise network,” says Nihalani.
Whether the company will deliver can be gauged by the investors backing it and the founders.
In fact, Nihalani was previously founder and CEO of broadband access products company, Accelerated Networks, which he led to a successful IPO in 2000.