8/26/2002 - Azanda Network Devices, an innovator in the development of silicon products for managing the way traffic is processed in network core, edge and enterprise markets, announced that its Series B funding round has increased to $33 million. The fabless semiconductor company, which recently publicized the first of a number of major design wins, has received an additional $7 million from 75 Wall Street Technology Partners LP, a New York-based technology fund of Dresdner Kleinwort Capital (DrKC), Parker Price Venture Capital (PPVC), and China Development Industrial Bank (CDIB).
In previous announcements this spring, Azanda revealed second-round support from Bessemer Venture Partners, Commonwealth Capital Ventures, Goldman Sachs and Highland Capital Partners, who were Series A participants, as well as an investment from Newbury Ventures. The announcement brings to $43 million the total capital investment in Azanda Network Devices since the company's inception in March 2000.
Even in this challenging funding environment, Azanda has generated a high level of interest among top-tier international investors. Azanda's president and CEO, Steve Dines, sees these investors providing the resources and expertise needed to attract partners and customers to the company's products.
Said Dines, "It had been our goal to raise $25 million in series B financing. But given the level of interest demonstrated by so many investment firms and the uncertainty of the markets, we decided to hold the round open. We've been fortunate to have Jeff Stevenson of Venture Crossing, LLC introduce us to Newbury Ventures and others."
He continued, "The fact that we've been able to attract truly high-caliber new investors confirms the wisdom of our decision last fall to re-focus our product direction to solve current, real, customer problems. In spite of economic conditions, we're confident that these funds will carry us comfortably through 2003, and to significant revenue generation. With the support of our investors we will be able to secure Azanda's position at the forefront of our market."
Azanda Network Devices will use its increased equity to further drive to market its silicon products for datapath processing. Datapath processors are configurable co-processing devices that make it easier for OEMs to scale the performance of their systems to meet the dual requirements of increased network speeds and increased service offerings.
"We are very pleased to back Azanda Network Devices. They're gaining good customer traction where there is clearly a need for technology like theirs, which can leverage legacy network investments as well as those in next-gen systems. Their focus on building a customer base among 'Tier 1' networking systems vendors minimizes risk and offers stability in a volatile market," said Gaurav Burman, vice president, Dresdner Kleinwort Capital.
In May, Azanda demonstrated its first product, the ScimitarTM AZ61100 traffic manager/ATM SAR, at the Networld+Interop trade show. The ScimitarTM AZ61100 is currently sampling with key customers and will be available for commercial release later this year. The ScimitarTM AZ61100 is a single chip that performs traffic management and ATM segmentation and re-assembly (SAR) functions at full-duplex OC-48 speeds, delivering a total aggregate bandwidth of 5 gigabits per second. Seabridge Ltd., a fully owned Siemens company, is using ScimitarTM in the development of its multi-service access equipment, the Attane XpressPassTM next-generation IP/ATM platform.
About Azanda Network Devices (www.azanda.com)
Azanda Network Devices is an innovator in the development of silicon products for the optical metro network, the access portion of core networks, and enterprise networks at the WAN edge. It is poised to "evolutionize" the datapath architecture of high-speed optical line cards by using an "open architecture" approach to managing the way data traffic is processed. Azanda's high-performance silicon products, such as ScimitarTM AZ61100 and AZ61120, help OEMs leverage their existing investments in systems and accelerate their product time to market. Additional information on Azanda can be found by contacting company headquarters in Sunnyvale, Calif., at 408-720-3100.
About China Development Industrial Bank (www.cdibank.com)
China Development Industrial Bank's direct investment portfolio totals more than 250 companies representing US $1.5 billion in investment capital and is one of the largest private equity portfolios in Asia. The bank's geographic reach covers most of the Pacific Rim countries. Currently more than 60% of its investments are in information technology and 25% are in the semiconductor sector. CDIB was also an early investor in such companies as TSMC, UMC and Acer. The firm has offices in Taipei and Silicon Valley.
About Parker Price Venture Capital (www.parkerpricevc.com)
Parker Price Venture Capital, formerly Allegro Capital, is a San Francisco-based venture capital firm focused on diversified technology investments including semiconductors, electronic devices, internet/software, and telecommunications. The firm has raised two funds since 1998 and targets investments seeking second and third rounds of institutional financing. Additional information on Parker Price Venture Capital can be found by contacting the firm in San Francisco, CA at 415-623-2000.
About 75 Wall Street Technology Partners (www.dresdnerkc.com)
75 Wall Street Technology Partners LP is a New York-based technology fund of Dresdner Kleinwort Capital ("DrKC"). The fund invests in mid and late stage United States technology companies. DrKC manages c. ¤ 4 billion in private equity and venture capital assets primarily in Europe and North America. Investments are made with Dresdner Bank capital and funds committed by third parties. Following the acquisition of Dresdner Bank AG by Allianz AG it has been decided to combine the Private Equity activities of both companies into one holding company. The new combined business will focus on three main investment streams (i) mid-market expansion capital and buy-out, (ii) specialist investments with either a sector or geographic focus and (iii) fund of funds investing.
ScimitarTM is a trademark of Azanda Network Devices, Inc.
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