Confluence Networks Secures Additional $28 Million Venture Funding; Second Round Provides Fuel for Taking Company Through Launch and Into Revenue.Business Editors MILPITAS, Calif.--(BUSINESS WIRE)--May 29, 2002 Confluence Networks, a developer of next-generation network-based storage management platforms, announced today the completion of a $28.3 million second round of venture capital funding, bringing its total funding to date to approximately $45 million. Venture Strategy Partners led the round, joined by previous blue chip investors Redpoint Ventures and NEA NEA abbr. 1. National Education Association 2. National Endowment for the Arts NEA (US) n abbr (= National Education Association) → Verband für das Erziehungswesen (New Enterprise Associates). New investors include Dali Hook Partners, Comcast Interactive Capital and Seagate Technology (company) Seagate Technology - A major manufacturer of hard disk drives, founded in 1979 as "Shugart Technology" by Alan F. Shugart and Finis Conner. That name is on the original patents for the 5.25" hard disk drive. . Continued support from its existing top-tier investors, plus the infusion from two new venture capital firms Name Location Founding date Managing Partners/Directors Specialty Capital managed 5AM Ventures Menlo Park, CA; Waltham, MA 2002 John Diekman, PhD (managing partner), Scott Rocklage, PhD (managing partner), Andrew Schwab (managing partner) life sciences $200M [1] and two strategic investors, strengthens Confluence's financial base as it prepares to debut its initial product later this year. "Raising this much capital in today's market is a momentous mo·men·tous adj. Of utmost importance; of outstanding significance or consequence: a momentous occasion; a momentous decision. achievement that underscores the strength of a well-defined market opportunity, the company's technology, and the team bringing it to market," said Dave Roberson, president and COO (Cell Of Origin) See mobile positioning. of Hitachi Data Systems See HDS. and Confluence board member. "I know I speak for my fellow board members and for the investors when I say that we are excited about the future of Confluence." Known by industry insiders as one of the hottest startups in the storage sector -- and as one of the industry's best-kept secrets -- Confluence has assembled a world-class storage, storage management, and storage networking "brain trust" to develop a new generation of network-based storage management platforms. The company plans to use the newly raised capital to fund the completion of customer trials, ongoing product development, strategic alliances, product launch and continuing development of its sales force and channels. About Confluence Networks Confluence Networks, a development stage, stealth mode Taking place in secret. It often refers to the position that startup companies take when developing a product they feel will be very competitive in the marketplace. They swear everyone to secrecy and keep a very low profile until they are ready to launch. company, is building the first of a new generation of systems that will enable customers to achieve the full promise of networked information storage. The company was founded in 2000 and will launch its initial product in 2002. Confluence is headquartered in Milpitas, Calif., and is on the web at www.confluencenetworks.com. |
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