Xelerated Raises $23 Million in New Funding
Xelerated, the price-performance leader in network processing, recently announced that it has closed a $23 Million financing round. The new investment round was led by the Sixth Swedish National Pension Fund (the Sixth AP Fund). Xelerated's existing investors Atlas Venture, Alta Partners, Accel Partners and Amadeus Capital Partners also participated in the financing round. The company has a global customer base and the new funding will mainly be used to expand sales and support as well as for development of new products.
“Adding the Sixth AP Fund to our already strong investor base gives us the perseverance required to build a global world-class semiconductor company,” says Johan B�rje, CEO of Xelerated. “We now have the means to realize our vision of becoming the number one supplier of feature-rich Ethernet solutions for Metro, Access and High-end Enterprise systems. The new funds allow us to increase our presence on key markets and to accelerate our revenue growth based on existing and new products,” Johan B�rje concluded.
“Xelerated's customers, globally leading system vendors in China, Japan, Europe, Israel and the USA such as Fujitsu, Huawei and ZTE, as well as the product offering's clear customer benefits, convinced us of the company's tremendous potential,” says Mats Augurell, Sixth AP Fund. “Our ambition is to give Xelerated the necessary means to establish itself as the number one global network-processor supplier for high-performance Ethernet solutions.”
Eva Lindqvist, business partner of the Sixth AP Fund, former president of TeliaSonera International Carrier and incoming chairman of the board at Xelerated added: “Xelerated is ideally suited to capitalize on current market trends. The build-out of broadband solutions for Triple Play services has dramatically added to the demand for low-cost, feature-flexible merchant components.”
“Xelerated offers unique and powerful programmable solutions for Metro Ethernet equipment designs,” says Bob Wheeler, Senior Analyst at The Linley Group. “With its new funding, Xelerated can support its existing customers and products while simultaneously developing new products that will expand the company's serviceable market.”
Xelerated's award-winning products target mission-critical network equipment for the Metro, Access and High-end Enterprise markets. The company is recognized as being the only network-processor vendor to have combined the efficiency of an ASIC with the programmability of traditional network processors. This unprecedented combination of speed and programmability enables network-equipment vendors to build carrier-class systems at a competitive price point. Together with a complete set of supporting products such as an industry-leading Metro Ethernet application, reference design platforms and a comprehensive set of software tools, this has resulted in Xelerated's network processors being incorporated as vital components in network equipment around the world. Customers are tier-1 system vendors such as Atrica, Fujitsu, Huawei and ZTE. The company has offices in Santa Clara (California), Tel Aviv (Israel) and Stockholm (Sweden).
For more information, please visit www.xelerated.com