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Packet Design raises $12 Million in fourth round of funding
By siliconindia
Santa Clara: Packet Design, a provider of route analytics solutions for managing large IP networks, has raised $12 million in a fourth round of private funding.
While Juniper Networks, Packet Design's first strategic investment partner, invested $2 million, past investors Advanced Technology Ventures, Masthead Venture Partners and Mayfield Fund were the lead investors in the round.
Packet Design CEO Jack Bradley said the new funding will be used to expand the company's network management product line and grow its international sales force, and is expected to carry the company to a break-even cash flow by the end of 2009. This summer, Packet Design moved into larger headquarters in Santa Clara.
"We grew 80 percent from 2006 to 2007 and now have more than 300 customers worldwide," Bradley said. "We are seeing tremendous growth in developing countries, particularly in the Middle East, Africa and Asia Pacific, as the voice and data infrastructure in these regions become larger and more sophisticated," he added.
With earlier rounds of $14.5 million in 2003, $10.5 million in 2005 and $7.5 million in 2006, the new funding brings Packet Design's total financing to $44.5 million.
Packet Design's board of directors includes Bradley; Judy Estrin (chairman); Wes Raffel, general partner at Advanced Technology Ventures; Yogen Dalal, managing partner at Mayfield; and Stephen K. Smith, general partner at Masthead Venture Partners.
