For Immediate Release
FatPipe Networks Successfully Secures Monies to Complete Third Round of Funding
July 14, 2003
FatPipe Networks™, the inventor of router clustering devices for reliable, redundant and fast Internet/WAN connections, today announced the completion of its third round of venture capital funding led by vSpring, a prominent venture capitalist in the western region of the United States, with preexisting investors Timothy Draper of Draper and Associates, Wasatch Venture Fund, Japan's Odyssey ventures, and others also investing in this round. The investment, amounting to $3 million, will contribute to the continued growth of the Salt Lake City based company, which became profitable in April 2003.
FatPipe grew 70% to 100% each of the last two years despite the IT slow down over that period of time. According to President and CEO, Ragula Bhaskar, Ph.D., "the new funding will be applied to further expand markets and service our relationships better."
FatPipe's core technology involves patented methods of transmitting data over multiple lines using point-to-point frame relay, the Internet, or a combination of both, regardless of the type of router/modem technology in use and without any cooperation needed from the WAN Service Provider, or BGP programming.
"We have followed FatPipe's progress and believe that it represents an ideal fit for us," said Ed Ekstrom, Managing Director of vSpring Capital. "The company is growing rapidly in an emergent market and is addressing serious unmet customer needs with unique intellectual property. They are delivering these products through a high value solutions channel with global reach. We are excited to be working with Bhaskar and the FatPipe team, as well as with a group of quality investment partners."
Draper, who has helped fund FatPipe Networks since its inception, showed enthusiasm for the future, stating, "We are very excited about the prospects for FatPipe. Its value proposition for high reliability, high redundancy, high speed and security makes it ideal for corporations with mission critical WAN access needs. Given its long list of high profile customers, we feel that the company has strong growth prospects."
Nick Efstratis, a Partner at Wasatch Ventures, a company that has actively supported FatPipe for three years, added, "We consider FatPipe to be the best of breed in its technological category and are proud to back its innovative technology and its creative and successful management team."
About FatPipe Networks
FatPipe is the inventor and patents holder of router clustering products which enable companies to obtain highly redundant and fast Internet/WAN access, as well as high security allowing such corporations to implement Intranets, thin client, Virtual Private Networks (VPNs), and other mission critical web based applications. FatPipe coined the term Router Clustering.
FatPipe products' main technology features include multi-homing two or more communication lines of any type, using the same or different ISPs, WAN redundancy and high availability; additional security and speed of data transmissions, and route control features for inbound and outbound IP traffic. http://www.fatipipeinc.com
About vSpring Capital
MountainWest Venture Group, "Utah's Deal Flow Network," is a non-profit organization dedicated to his advancement of the state's financial deal flow. For the past 20 years, the group has brought together entrepreneurs, investors and professional service providers interested in the promotion of Utah's capital development. http://mwvg.org
Tel: (801) 281 3434 Ext-2226