Gabriel News
NeoPath Networks Raises $12M in Series B Financing Led by Gabriel Venture Partners
Company Prepares for Market Launch
September 20, 2004 –Santa Clara, CA– NeoPath Networks, a leading provider of Network File Management (NFM) solutions, announced that it closed $12M in its Series B round of funding, led by Gabriel Venture Partners. Current investors August Capital, DCM-Doll Capital and DotEdu Ventures also participated in the round. NeoPath Networks will use these funds to expand the company’s marketing, sales and product development activities.
Navin Chaddha, General Partner at Gabriel Venture Partners, will be joining the Board of Directors. According to Navin, “The early customer feedback was incredibly positive for a company at this stage of development, with strong endorsements for the solution and its value proposition.” Navin expanded on why Gabriel Venture Partners invested by stating, “NeoPath has reached the critical juncture, where the technology has been proven; customers want to adopt the solution; and now the company needs to ramp its sales and marketing efforts.”
NeoPath Networks is developing appliances to deliver Network File Management (NFM) solutions, which allow transparent scaling of network storage; better utilization of existing storage resources; and intelligent placement of files to optimize access and protection, while lowering administration and storage costs. According to Arun Taneja, President of the Taneja Group, “This new emerging class of NFM solutions is analogous to the “switch-centric” evolution that took place in both the SAN and Web Serving markets in the 1990’s. We now see viable file access “switching” technologies ready for the market, which by decoupling the access path from the physical file storage location, simplifies management and enables transparent scaling of resources.”
“We were pleased with the venture community interest during this round of funding and are thrilled to have Gabriel Venture Partners lead the round. The strong backing of our new and existing investors in our plan is great validation of both our innovative technology and the market opportunity,” said Rajeev Chawla, Founder and CEO of NeoPath Networks. “I am especially pleased to have someone with Navin’s expertise and experience in building companies contribute to our growth.”
About August Capital
Founded in 1995, August Capital is a leading venture capital firm that invests in entrepreneurial teams throughout the information technology market spectrum. With more than 50 years of combined venture capital experience and dozens of successful IPOs and public company board relationships, August Capital partners have financed technology companies with an aggregate market capitalization of more than one-half trillion dollars. August Capital is located at 2480 Sand Hill Road, Suite 101, Menlo Park, CA 94025. For more information, please visit: www.augustcap.com.
About DCM-Doll Capital Management
DCM is a top-performing venture capital firm supporting entrepreneurs building early-stage technology companies. DCM’s partners, armed with over a century of operational and investing experience, have funded leading technology companies including About (Primedia), Foundry Networks (Nasdaq:FDRY), Internap (Nasdaq:INAP), IPivot (Intel), PGP, Recourse Technologies (Symantec), Remedy (Peregrine Systems), UUNet and Vernier Networks. DCM offers hands-on operational guidance and access to an extensive network of resources, including close relationships with many of the Pacific Rim’s leading companies and investors. For more information, please visit: www.dcmvc.com
About Dot Edu Ventures
Dot Edu Ventures was founded in early 2000 to provide seed investment in technology companies founded by doctoral students and faculty in the Computer Science and Electrical Engineering departments at top US universities. The fund typically invests at pre-business plan stage in disruptive IT technologies across areas such as databases/data mining, search, networking, and wireless communications. Representative investments include Bytemobile, Centrata, Kaltix (acquired by Google), Jareva (acquired by VERITAS), Niksun, and Vialto (acquired by Cisco). For more information, please visit: www.doteduventures.com
About Gabriel Venture Partners
Gabriel Venture Partners® is a hands-on, early-stage venture capital firm with more than $260M under management across its offices in Silicon Valley and the Mid-Atlantic. Gabriel’s team of investors leverage their combined operating experience to actively partner with portfolio companies and provide value through customer and partner introductions, as well as assistance with go-to-market strategy and positioning. Gabriel focuses on specific sectors of information technology, including wireless, disruptive technologies, infrastructure software & systems, and enterprise software and services. Representative investments include Placeware (acquired by Microsoft), IPWireless, Netscaler, and Iridigm (acquired by Qualcomm). For more information, please visit: www.GabrielVP.com.
About NeoPath Networks
Founded in April, 2002, NeoPath Networks is leading the development of Network File Management (NFM) solutions for transparent scaling and management of network file storage resources. For more information, please visit: www.neopathnetworks.com
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