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3i LEADS INVESTMENT JOINED BY TUDOR INVESTMENT CORPORATION, AND EXISTING INVESTORS TOP TECHNOLOGY VENTURES, SPINNER GLOBAL TECHNOLOGY FUND AND ANGEL INVESTORS
PITTSBURGH, Pennsylvania – November 13, 2006 –Netronome Systems, Inc., a leading provider of deep packet inspection, content flow and virtual machine technologies, today announced it has completed a $20 million Series C round of funding. 3i, world leading venture capital and private equity company, led the round, and was joined by Tudor Investment Corporation, existing investors Top Technology Ventures, and Spinner Global Technology Fund, and a group of angel investors including FORE Systems founders Robert Sansom and Eric Cooper.
Network appliances for security products, and WAN and LAN application optimization functions are a rapidly growing multi-billion dollar segment of the network equipment market, and Netronome's Open Appliance Platform™ addresses the need of these vendors by combining hardware acceleration co-processors on a standard IA/X86 server platform with a highly optimized PCI Express interface. This unique design allows appliance vendors to scale their platforms significantly in performance while reducing power consumption. The Open Appliance Platform supports virtualization of appliances enabling consolidation of platforms and giving users the ability to optimally configure appliance functions in data centers. Netronome supports industry efforts for enhanced co-processing such as Intel and IBM's recently announced Geneseo initiative.
3i Venture Capital Senior Partner Ian Lobley explained, "Netronome's unique approach to the problem of speed and power consumption of platforms running network applications is highly distinctive and has significant impact for customers; we're really excited about the vision and global potential for Netronome's products."
3i Director Krishna Visvanathan added, "The investment makes a great fit for 3i's own global and sector strengths and we look forward to working with Niel and his impressive team to help create a significant player in the enterprise network and data centre appliance market in years to come."
Rob Broggi of Tudor Investment Corporation added, "We are extremely pleased to be working along side such high quality management and investment professionals with proven track records of success. Netronome's Open Appliance Platform addresses critical unmet needs in the modern data centre, offering significant opportunity for growth."
Netronome was founded in 2003 and is led by a seasoned team of executives all of whom have extensive experience in the networking industry, and have held key roles at companies including FORE Systems, Tellabs and Marconi. The company has already begun shipping product to OEM appliance vendors.
Niel Viljoen added, "We're pleased to welcome 3i and Tudor to our board. As lead investor, 3i's style of working with, nurturing and supporting entrepreneurs they back, coupled with their ability to leverage their global presence and network, were critical to our choice of investor. 3i has significant experience in the network and security field from investments including companies such as Cachelogic, Ipanema, Sophos, Searchspace and Content Technology."
Ian Lobley and Krishna Visvanathan of 3i and Rob Broggi of Tudor Investment Corporation will join the Netronome board which includes business angel investor and FORE Systems founder Robert Sansom, former Intel executive Jim Finnegan and Harry Fitzgibbons, Managing Partner of Top Technology Ventures.
More information about 3i and Tudor can be found at www.3i.com and www.tudorventures.com, respectively.
About Netronome Systems
Netronome Systems, Inc. develops open, high-performance application acceleration and flow processing solutions for network applications and appliances in the ISV, OEM, service provider and enterprise markets. Founded in August 2003, Netronome is a privately held corporation. Headquartered in Pittsburgh, Pennsylvania, Netronome also has operations in South Africa, the United Kingdom and South Korea. To learn more about the company and its products, please visit http://netronome.com or call +1 877 NETRO A-Z (+1 877 638 7629).
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Media Inquiries:
Jarrod J.S. Siket
Vice President, Marketing
Netronome Systems
Phone: 724.778.3290
Email: jarrod.siket@netronome.com
Heather Fitzsimmons
Mindshare PR for Netronome Systems
Phone: 650-947-7400
Email: heather@mindsharepr.com
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