Cereva Networks Raises $51 Million
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Investors, understandably cautious during this technology industry downturn, still seem willing to take a chance on data storage. Today's example, Marlborough, Mass.-based Cereva Networks.
The company has raised $51 million from corporate and institutional backers including: Matrix Partners, North Bridge Venture Partners, Oak Investment Partners, Goldman Sachs, Intel Corporation, Worldview Technology Partners and Sumitomo Corporation,
Cereva will use the windfall as working capital and to complete beta testing of its Internet storage systems, designed to help service providers and large companies accelerate content delivery through simplified infrastructure.
It will also help the firm ramp up sales and marketing efforts associated with the product launch.
All the funders participated in earlier Cereva rounds. The company is privately held and was founded in 1998. Since then it has raised more than $86 million in financing and grown its staff to about 250 people.