… And Quarry picks up another $38 mil
IP services equipment provider Quarry Technologies Inc. also landed a sizeable chunk of cash with a Series C round of $38 million. The sum brings its total venture financing to $66.5 million in two years, the company reports.
The funds will go to product development, marketing and sales, and additional staff.
The company credits its ability to secure the sum to its management, its technology and a market edge where carriers still spend.
"We're all hearing about scaling back of expenditures by carriers and that's true at the core," Quarry spokesman Rob Strayton told CEDaily. "But at the edge, they're still spending money."
Led by 3i Group and Jerusalem Venture Partners, investors included optical equipment maker Corvis Corp. and such existing investors as Walden International Investment Group, ARCH Venture Partners, Alta Partners, Verizon and Dow Chemical Co.
Two previous rounds were seed money and funds for product development, Strayton says.
Quarry designs, manufactures and sells an IP switching solution used by network service providers to deliver advanced IP services to business customers. Its iQ line gives customers flexibility in service selection, as well as secure Internet access to virtual private routed networks, the company reports. Quarry also supports Optical-speed Encrypted Traffic Engineering, which it says allows for concurrent use of fine-grained QoS and "robust" security at high data rates. Finally, it reports it introduced the Virtual CPE concept, providing complete visibility and control of subscriber SLAs.