Woven Systems Raises $20 Million in Series B Funding
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Delivers Innovative 10 Gigabit Ethernet Fabric Switching Solutions
Santa Clara, CA - September 25, 2007 - Woven Systems', Inc., the leading innovator of 10 Gigabit Ethernet (10 GE) fabric solutions, today announced it has completed its second round of private venture funding, raising $20 million from venture capital firms led by MDV-Mohr Davidow Ventures and existing investors, Goldman Sachs and Palomar Ventures. The latest round of funding raises the total investment in the company to $35 million.
The company also announced that Jonathan Feiber, an MDV Managing Partner, will join Woven Systems' Board of Directors. With more than 15 years of venture investing, Jonathan has identified and guided numerous entrepreneurs and played a significant role in advising computing and infrastructure companies.
Woven will use the new capital to expand its sales and go-to-market initiatives for its EFX 1000 Ethernet Fabric Switch which has successfully completed customer trials and is now in production. The switch is the industry's highest capacity 10 GE switch supporting 144 non-blocking ports in an efficient 10 rack unit chassis at a fraction of the cost and power consumption of similar solutions. The EFX 1000 overcomes capacity and performance limitations of traditional Ethernet switches to deliver resilient, multi-path fabrics scaling to over 4000 10 GE edge ports.
A recently published report from the Dell'Oro Group estimates that the 10 GE switch market is on the precipice of significant growth, increasing from $1 billion in 2006 to nearly $5 billion in 2011, and will be initially driven by data center aggregation switching and later by direct 10 GE connections to the server.
"Woven is tackling the market's need for increased scalability and high performance throughput head on, while keeping costs in check by using ubiquitous Ethernet infrastructure," said Jonathan Feiber. "This will be a catalyst to unifying the data center fabric, and Woven is well positioned to take a leadership role in this evolving market."
"We're very pleased with the confidence and support investors have shown with this round of funding," concluded Jeff Thermond, president and CEO of Woven Systems. "The availability of our new EFX 1000 fabric switch and the market interest it has engendered, demonstrates our productivity and ability to execute on plan. We look forward to Jon's advice and contribution as we position ourselves for the next stage of growth."
About Woven Systems
Woven Systems is an innovative network infrastructure provider that offers the industry's first massively scalable Ethernet fabric switching solutions for data centers. Fully compliant with IEEE Ethernet standards, Woven redefines network performance and efficiency with Active Congestion Management for balancing traffic, operational simplicity, and a significantly lower cost of switching. The Woven solutions deliver the performance and scalability of InfiniBand', the reliability of Fibre Channel and the ease-of-use of Ethernet. For more information, contact Woven Systems at the company's web site at wovensystems.com
