Coree Networks, Inc., an optical networking start-up developing next-generation core backbone switching systems, has raised $30 million in its first round of venture funding. The company's first-round financing comes from the venture firms Mayfield Fund, Sevin Rosen Funds, LightSpeed Ventures and Hook Partners.
Todd Brooks, general partner at Mayfield Fund, said, "On its own, Coree's core switching technology approach would make a highly attractive investment. As part of the Iris Group, Coree rounds out a unique end-to-end architectural vision that can successfully address carrier needs across the entire network, something that large companies with their acquisition strategies have failed to do. This latest member of the Iris Group has already assembled an impressive team of technologists heavy on advanced degrees and averaging more than 15 years of professional experience."
About Coree Networks and the Iris Group:
Founded by former executives of Lucent Technologies and Monterey Networks and a prominent academic network researcher, Coree is a member of the Iris Group-a group of optical networking startups cooperating on a new end-to-end network architecture designed to provide unprecedented scalability for the data-centric optical networks being built by telecommunications carriers. The three other Iris Group members are Metera Networks (access/metro systems), Latus Lightworks (backbone systems) and Iris Labs (intellectual property and network management provider for the Iris Group equipment companies). Now in the early stages of development, Coree's switching product is intended to help top-tier Internet service providers and Internet backbone builders meet the demands of the Internet traffic explosion. For more information, visit www.coreenetworks.com.