Chutney Technologies Closes $4.5 Million in Funding; Capital to Fund New Products, Operations and Customer Support.Business Editors/High-Tech Writers REDWOOD CITY Redwood City, city (1990 pop. 66,072), seat of San Mateo co., W Calif., on San Francisco Bay; inc. 1868. Manufactures include commmunications, electrical, electronic, and medical equipment. , Calif.--(BUSINESS WIRE)--Nov. 19, 2003 Chutney chut·ney n. A pungent relish made of fruits, spices, and herbs. [Hindi ca  n Technologies Inc., a pioneer in delivering enterprise-scale software object execution technologies, today announced it has secured $4.5 million in a second round of funding led by Clearstone Venture Partners Clearstone Venture Partners is an early stage venture capital firm focused on IT investing with offices in Santa Monica, CA, Menlo Park, CA, and Mumbai, India. Founded in 1997, as Idealab Capital Partners, Clearstone is responsible for the early-stage funding of many successful . Other investors include Kleiner Perkins Caufield & Byers, Sevin Rosen Funds Sevin Rosen Funds (SRF) is a venture capital firm that was established in 1981 by L.J. Sevin and Ben Rosen. SRF was involved in the financing of ArQule, CIENA, Citrix, Cypress Semiconductor, Electronic Arts, Lotus Development Corporation, Silicon Graphics, and Vitesse. , and select individual investors. As part of this investment, Chutney Technologies also adds Sumant Mandal as a new board member to its board of directors from Clearstone Venture Partners. Chutney Technology's suite of products enable companies that transact with, or serve their customers over the web, to dramatically improve their ability to handle peak traffic, maintain continuity for user sessions A count of how many times all users access a Web site regardless whether the same person came back several times during the measurement period. If a user leaves and returns within a short time, some systems count those sessions as one. Contrast with unique visitors. See also user session. , and provide failover. The new capital will fund continued expansion of the Company's product suite as well as the operations necessary to support those products effectively in the market. "Less than five years ago, if a company did business over the web, it was considered innovative. Today, it has become commonplace in virtually every industry. Yet, most companies are still struggling to meet the performance demands being placed on their commerce sites and portals, resulting in lost transaction revenue and poor customer satisfaction," said Sumant Mandal, Principal of Clearstone Venture Partners. "We believe Chutney Technologies can provide significant value to these companies. They clearly offer a technology advantage, and have been able to gain traction in a number of industries, with companies of all sizes -- from Fortune 100, down to $50 million e-tailers." "Companies that are using Chutney Technology's products have customers who possess a wide range of experience using the Web. Some, such as financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. companies, may have customers conducting high-volume transactions daily. Others, such as online retailers, may have customers who buy infrequently -- only once or twice a year. Regardless, they expect the same service-oriented experience -- a user experience our products have enabled them to deliver," said Stephen Turner, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Chutney Technologies. "With this funding, we are continuing to invest in developing innovative products that improve application scalability and reliability, and ultimately enable our customers to better serve their own online customers." About Clearstone Venture Partners Clearstone Venture Partners provides venture capital for technology innovators, with $450 million primarily supporting California entrepreneurship. With offices in Menlo Park Menlo Park. 1 Residential city (1990 pop. 28,040), San Mateo co., W Calif.; inc. 1874. Electronic equipment and aerospace products are manufactured in the city. Menlo College and a Stanford Univ. research institute are there. 2 Uninc. and Santa Monica Santa Monica (săn`tə mŏn`ĭkə), city (1990 pop. 86,905), Los Angeles co., S Calif., on Santa Monica Bay; inc. 1886. Tourism and retailing are important, and the city has motion-picture, biotechnology, and software industries. , Calif., Clearstone invests in early-stage and growth companies in enterprise, communications and Internet markets. The firm's investors include investment entities of CalPERS, Goldman Sachs, HarbourVest, Horsley Bridge, JP Morgan, Merrill Lynch, MIT MIT - Massachusetts Institute of Technology , and The State of Michigan. Clearstone has a history of leadership in financing and building high-growth technology start-ups, having backed market-leading companies including MP3.com, Overture, PayPal, Phasebridge, Intersperse in·ter·sperse tr.v. in·ter·spersed, in·ter·spers·ing, in·ter·spers·es 1. To distribute among other things at intervals: , CarsDirect and Integrinautics. For more information, visit http://www.clearstone.com. About Kleiner Perkins Caufield & Byers Kleiner Perkins Caufield & Byers is committed to helping entrepreneurs build sustainable technology businesses. For nearly 30 years, they have invested in hundreds of market-defining ventures that have resulted in the creation of over 250,000 new jobs, over $100 billion in new revenue, and over $650 billion in market capitalization Market Capitalization A measure of a public company's size. Market capitalization is the total dollar value of all outstanding shares. It's calculated by multiplying the number of shares times the current market price. This term is often referred to as market cap. . Kleiner Perkins Caufield & Byers is constantly on the look out for ideas with the promise to invent new business categories or radically alter existing ones. Their focus is on new technologies and new applications of technology that will drive high-impact change. About Sevin Rosen Funds Sevin Rosen Funds is a top-tier venture capital firm with a track record of funding successful companies since 1981. The partnership has consistently made early stage investments in pioneering technologies and companies with the potential to create new markets. The most recent fund, Sevin Rosen Fund VIII is capitalized at $600 million. Compaq, Lotus, Cypress, Citrix, CIENA and Capstone Turbine are some of the firm 's successful lPOs. Sevin Rosen Funds has offices in Dallas, Palo Alto, Austin, and San Diego. For more information, please visit www.srfunds.com. About Chutney Technologies Chutney Technologies is a pioneer in developing, delivering and supporting high-performance, software object execution technologies. Chutney's products enable any company conducting business over the Internet to dramatically improve site performance for their end customers, and save millions in data center and application management costs in the process. The Company has customers in a variety of industries including financial services, retail, and travel and leisure. The Company is venture-funded and located in Redwood City, California Redwood City is a suburb located on the San Francisco Peninsula in the San Francisco Bay Area of California. Redwood City is the county seat of San Mateo County. As of the 2005 census, the city had a total population of 76,000. . For more information, please call 650-622-0880 or visit www.chutneytech.com. Chutney Technologies and the Chutney Technologies logo are trademarks of Chutney Technologies, Inc. All other company and product names mentioned herein may be trademarks of their respective owners. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion