Round led by STAR Ventures and St. Paul Venture Capital, and Includes Charles River Ventures and Accel Partners
CHELMSFORD, MA - May 21, 2003 - Acopia Networks, Inc., a developer of unique Adaptive Resource Networking products, today announced that the company has closed $30 million in additional funding. This Series B financing brings the total capital raised to over $40 million and introduces two new investors, STAR Ventures and St. Paul Venture Capital, along with existing investors Charles River Ventures, Accel Partners and Cheng Wu, the company's chairman. The new funds will be used to further expand the company's sales, marketing and product development efforts.
The company is also announcing the appointment of Rami Kasterstein, partner with STAR Ventures, and Zenas Hutcheson, managing general partner with St. Paul Venture Capital, to the Acopia Networks board of directors.
"Securing $30 million in today's challenging fund-raising climate validates Acopia's vision and market potential," said Christopher P. Lynch, president and CEO of Acopia Networks. "This new round of funding enables us to successfully build our business of providing solutions that address the utilization of storage, server and network resources and the adaptation of those resources to cost-effectively meet global service requirements."
"Acopia's value proposition and business opportunity is unique in the market today," said Rami Kasterstein, partner with Star Ventures and a new Acopia board member. "Its products solve problems that contribute an immediate return on investment for customers."
"We are big believers in Acopia's market opportunity," said Zenas Hutcheson, managing general partner with St. Paul Venture Capital. "Its experienced team and execution to date lead us to believe that the company is very well positioned to succeed."
Acopia Networks will release the initial version of its product next month and plans to announce further details of its strategy and product plans later this summer.
Acopia Networks, headquartered in Lowell, MA, is the innovator of Adaptive Resource Networking platforms that provide a new foundation for intelligently managing the global distribution of data. Acopia's switches hide the "back end" complexity from users and increase the utilization of today's resources. The company was founded in 2002 by industry visionary and serial entrepreneur Cheng Wu and a team of talented engineers from companies such as Cisco Systems (NASDAQ: CSCO), EMC (NYSE: EMC), Network Appliance (NASDAQ: NTAP) and others throughout the high technology industry.
©2003 Acopia Networks, Inc. Acopia is a trademark of Acopia Networks. All other brands, products, or service names may be trademarks or service marks of the companies with which they are associated.
Contact:
Joe Wisniewski
Acopia Networks, Inc.
978-513-2979
jwisniewski@acopia.com