Tribeca Software Raises $2M in First Round

Corporate bandwidth hoarders beware.

Tribeca Software, which recently raised $2.675 million in its first institutional round of venture financing, has developed technology that allows corporations to more effectively monitor bandwidth consumption in the workplace.

Meyer-Duffy Associates led the investment in the New York-based company. Other investors contributing to the round include Brown Brothers Harriman & Co. and Bayview Investors Ltd.

“Our products allow organizations to look at Net traffic from a business perspective,” said President Parker Silzer. “We reconnect consumption with costs.”

JP Morgan & Co. and Banque Paribas are among the corporations, Internet service providers and network service providers that use Tribeca’s technology. The company’s software allows corporations to measure bandwidth expenditure of individuals and departments with actual production.

Proceeds from the investment will develop additional versions of Tribeca’s initial product, NetCFO, as well as sales and marketing.

If market conditions are suitable, Tribeca may file for an initial public offering within the next 12 months, Silzer said.

Silzer said his company will raise one more round of private equity from additional investors in a mezzanine financing in the interim.