InvisibleHand Grasps Financing
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InvisibleHand Networks, a Burlington, Mass., maker of bandwidth provisioning software, has banked $2.5 million in new financing for product enhancement and sales and marketing.
The new backing comes from Polaris Venture Partners and individual investors. Since its founding in 1998, the firm has raised more than $8 million.
"By awarding the additional funding in this economic climate, Polaris recognizes our commitment to continued growth and product excellence," said Glenn Ricketts, InvisibleHand's CEO.
Invisible Hands' Merkato platform allows telecommunication carriers and network service providers to dynamically manage and sell bandwidth. The product is designed to help customers get the most out of their infrastructure assets.
"With the bandwidth market evolving towards 'usage-based billing' and 'on-demand bandwidth,' we feel InvisibleHand Networks is positioned well to emerge as a leader in the market," comments James Earl Brown III, a general partner at Polaris Ventures.
Invisible Hand is privately held. In addition to its Massachusetts headquarters, it maintains an office in New York.
The company's name comes from Adam Smith's metaphor wherein free market forces lead society to the best use of its resources, as if citizens were guided to the common good by a benevolent hand.