Spring Tide Rides In $16M Second Round

Spring Tide Networks Inc. raised $16.7 million May 28 in its second round of venture capital financing.

The Boxborough, Mass.-based company develops network carrier equipment that allows service providers to offer Internet protocol (IP) services.

Oak Investment Partners’ Palo Alto, Calif., office led the round. Existing investors North Bridge Venture Partners and Matrix Partners each returned at pro rata. To date, Spring Tide has raised $23 million in private equity financing.

“We added Oak as an investor based on the amount we needed to raise and because they are West Coast-based,” said Co-founder Stephen Collins.

Collins said the company will likely recruit additional investors when and if it engages in another round of private equity financing.

Proceeds from the investment will be used for expansion and product development. The Spring Tide product will undergo beta tests in the next few months and will be available before the end of the year.

The Spring Tide IP service switch delivers network-based service intelligence that is required for the deployment of IP virtual private networks.