RealTime IT News

Mid-Atlantic Adds to Stake in Network Security Firm

Mid-Atlantic Venture Funds of Reston, VA participated in a second round of funding for Netilla Networks, Inc., a provider of secure remote access platforms for applications, files and data over the Internet.

This round provides the Somerset, New Jersey firm with $4 million. Others participating in this round are Ascend Venture Group, Early Stage Enterprises, Fleet Development Ventures, NJTC Venture Fund, Tarantella, Inc. and Telecommunications Development Fund.

Netilla has raised a total of $11 million from venture sources and hopes to reach profitability in the first half of 2003. This funding will be used for expanding the company's distribution channel.

Mid-Atlantic Venture Funds specializes in early-stage, tech investments. It currently manages approximately $200 million in communications and networking infrastructure, Internet-enabled technologies and services, and health-care information technology.