RealTime IT News

Cereva Networks Raises $51 Million

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.

"We're particularly encouraged by the strong, sustained support shown by our investors," said president and CEO Mahesh N. Ganmukhi. "In light of the current business climate, we believe their continued commitment and their level of investment speak extraordinarily highly of Cereva"

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.

Cereva's announcement comes a day after Pirus Networks, of Acton, Mass., banked $9.5 million from JAFCO Ventures. Pirus' technology links storage systems with local and wide area networks.