January 31, 2006 Mountain View, CA -- Hammerhead Systems has announced the closing of a $30 million Series C round of funding, led by new investor Silver Creek Ventures, and joined by new investor Apex Venture Partners. All of the company's existing investors also participated in the round, which brings the total equity raised by Hammerhead Systems to $80 million.
The company says the funds will be used for working capital including expanding sales, marketing, and customer support in North America and internationally, as well as for accelerating product development in response to customer demand, and for establishing volume manufacturing.
"We are delighted to have Apex and Silver Creek Ventures join our board, and are pleased that our recent market successes and stringent financial controls have been recognized by our investors," comments Peter P. Savage, CEO of Hammerhead Systems. "We will continue our focus on delivering the only Layer 2.5 aggregation and switching solutions available today, as we expand our operations to meet customer demand."
"George Middlemas, managing general partner of Apex Venture Partners, invested in two previous companies led by Pete Savage, including Commterm, acquired by Alliance Telecommunications, and Applied Digital Access," adds Babu Ranganathan, general partner at Apex Venture Partners. "We are very pleased to again invest in a company led by Pete Savage."
"The carrier market has shown significant demand for Hammerhead's HSX 6000 and its ability to win over Tier 1 networks with its innovative network processor architecture, including bandwidth pooling, 1:N redundancy, and technology leadership in MPLS pseudowires and QoS," concludes Mark Masur, general partner at Silver Creek Ventures.