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NETDEVICES SECURES $25 MILLION IN SERIES B FUNDING Company Will Scale Operations to Meet Growing Demand for Unified Services Gateway Platform that Simplifies Branch Office Networking SUNNYVALE, Calif., August 16, 2005—NetDevices, Inc., a developer of services gateway products for enterprise branch networks, today announced that it has closed $25 million in Series B financing. New investor Castile Ventures led the up-round; existing investors ComVentures, Columbia Capital, Artiman Ventures, and JumpStartUp also participated. This round brings NetDevices' total funding to date to $40 million. The funding will fuel NetDevices’ aggressive global sales and marketing expansion to support the growing demand for its SG-8 Unified Services Gateway, which minimizes the complexity and increases the manageability of remote branch office networks. “Our team has done an exceptional job of meeting critical milestones through innovation in both technology and business models,� said Seenu Banda, CEO of NetDevices. “This second round of financing is a strong validation of our achievements to date; it also recognizes the significant opportunity we have to redefine the model for enterprise branch networks.� “NetDevices is transforming the way enterprises manage the ever-growing complexity of the branch office network,� said Nina Saberi, founder and partner at Castile Ventures. “With the Unified Services Gateway, NetDevices offers unparalleled efficiency and ease in managing a large number of remote networks. We are very excited to work with NetDevices in capturing this market opportunity.� According to a recent report from industry analyst firm In-Stat, the market for purpose-built branch office multi-service devices will grow from $1.2 billion in 2004 to $16.6 billion in 2008. Eighty percent of enterprise employees are now located at large branch and regional offices, and on average, each location contains 6.7 devices that must be maintained, upgraded, and serviced. As critical branch applications and services continue to grow in numbers and complexity, managing and securing this extended network becomes more costly and time consuming for IT managers. Purpose-built from the ground up to reduce branch office complexity, NetDevices’ highly modular Unified Services Gateway combines multiple security, voice, and networking functions into an always-available, remotely manageable platform. Services unification improves network reliability, while NetDevices’ innovative Lifeline™ management framework allows IT managers to respond quickly to problems and perform upgrades remotely, significantly reducing operating cost for branch networks. About NetDevices Inc. Julie Huang Mark Weiner |
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