Converged Access Gets $8M in Start-Up Funding
Converged Access on Monday raked in $8 million in its third round of venture investment to market its network management devices to businesses feeling a bandwidth crunch from more online applications.
SpaceVest Capital led the financing with help from previous investors Asford Capital Management, Flagship Ventures, MC Venture Partners, North Atlantic Capital, and SI Ventures.
The new money, which comes on top of a $1.5-million first round and a $2.5-million second round, will go toward more marketing and product development.
The startup acquired a substantial portion of its technology from the creditors of defunct Sitara Networks in April 2004. Sitara had been on track to go public during 2000, but pulled its offering. The company fell on hard times and was forced to liquidate.
posted by Fergie @ 1/16/2006 01:13:00 PM
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