Press
Layer N Networks Attracts $20 million in Series
B Financing
Round to Finance Product Production, Sales and Marketing Expansion
Austin, Texas (February
23, 2004) – Layer N Networks, an Austin,
Texas-based network security solutions company, today
announced that it has raised $20 million in Series
B funding, with participation from new investors Technology
Associates Management Company (TAMC), Chisholm Private
Capital Partners, Stafford Investments, as well as
participation from existing investors Granite Ventures,
Austin Ventures, Seed Capital Partners, Convergent
Investors and Agave Capital. "We look to invest in
firms that are founded to address compelling market
needs, and run by management teams with the vision
and ability to address those needs with disruptive
technology," said Andrew Kang, Managing Director of
TAMC. "Layer N Networks overwhelmingly satisfies our
investment criteria."
The company has successfully sampled their first product, the LNN1010, a Plug ‘n
Play PCI adaptor for complete offload of SSL traffic, which is powered by Layer
N’s UltraLockTM security processor. The product is targeted at network,
security and server OEMs. Analysts estimate the SSL Virtual Private Network (VPN)
opportunity alone to be nearly $1 billion by 2007. When added to Layer 4-7 switching,
web servers, and the rapidly growing XML Web Services market, the SSL opportunity
is enormous. "The market response to the LNN1010 SSL NIC has been tremendous," said
Mike Salas, co-founder and CEO of the company. "Our customers have been waiting
for a security product that integrates easily and delivers on its performance
claims."
" This financing is a testament to the tremendous market interest in the Layer
N total security solution," said Scott Perry, Vice President of Finance. According
to Perry, the new funds will be used to ramp-up production of the LNN1010 to
meet strong market demand, as well as to finance growth in sales, customer support
and marketing to new application segments.
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