Xelerated raises $23 million in new funding
MAY 8, 2007 -- Xelerated says the new funding will be used to expand sales and support as to develop new products.
MAY 8, 2007 -- Xelerated (search for Xelerated) has closed a $23 million financing round led by the Sixth Swedish National Pension Fund. Xelerated's existing investors Atlas Venture, Alta Partners, Accel Partners, and Amadeus Capital Partners also participated in the financing round. The company says the new funding mainly will be used to expand sales and support as well as in the 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," contends Johan BÃ¶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," he says.
Mats Augurell of the Sixth Swedish National Pension Fund reports that Xelerated's global customer base, including system vendors in China, Japan, Europe, Israel, and the USA, speaks to the company's tremendous potential. "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," he says.
"Xelerated offers unique and powerful programmable solutions for Metro Ethernet equipment designs," adds 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."