Solera Networks closes $5 Mn Financing

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Utah: Solera Networks, the leader in deep packet capture and stream-to-storage technology, today announced the closing of a $5 million Series B funding by Canopy Ventures, which also led the company's Series A round in 2006. Solera Networks expects to use the funds to accelerate product development and sales and marketing efforts, in addition to working capital. Solera Networks also announced the appointment of three key executives. James Brown was named the company's Chief Operating Officer and Chief Financial Officer; Paal Tveit was promoted to the position of Vice President of Engineering; and Fumiya. "Closing this round of financing is an important milestone in the company's progress. Not only will it allow us to accelerate the release of important products, it also allows us to add key talent to our executive team," said Steve Shillingford, President and CEO of Solera Networks. "Solera Networks has produced technology that is transforming the way organizations view data in motion," said Ron Heinz, Managing Director of Canopy Ventures. "Virtually every network security, compliance, and network management product becomes much more useful when it is able to leverage Solera Networks' high-performance technology to gain complete visibility into network traffic. This company has far-reaching opportunities and capabilities, and we are looking forward to working with the management team to expand its market position." Brown joins Solera Networks' management team after recently serving on the company's Board of Directors. Over the past few years, he has advised several technology companies, including Solera Networks, on strategy, fundraising and operational matters. Prior to that, he was Executive Vice President and General Manager at OpenTV, where he played a key role in the company?s successful IPO and was responsible for the company's applications business unit and its worldwide business development and corporate development activities. Prior to OpenTV, he was a Partner at the law firm of Pillsbury Madison & Sutro in San Francisco.

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