Solera Networks Inc., a Lindon, Utah-based developer of deep packet capture and stream-to-storage technology, has raised $5 million in Series B funding. Return backer Canopy Ventures led the round.
Solera Networks, the leader in deep packet capture and stream-to-storage technology, today announced the closing of a $5 million Series B funding by Canopy Ventures, which also led the company's Series A round in 2006. Solera Networks expects to use the funds to accelerate product development and sales and marketing efforts, in addition to working capital.
Solera Networks also announced the appointment of three key executives. James Brown was named the company's Chief Operating Officer and Chief Financial Officer; Paal Tveit was promoted to the position of Vice President of Engineering; and Fumiya Minagawa was named President of Solera Networks Japan.
“Solera Networks has experienced very rapid growth over the past few quarters as the importance of capturing, storing and searching network traffic has become increasingly clear to our customers,“ said Steve Shillingford, President and CEO of Solera Networks. “Closing this round of financing is an important milestone in the company's progress. Not only will it allow us to accelerate the release of important products, it also allows us to add key talent to our executive team.“
“Solera Networks has produced technology that is transforming the way organizations view data in motion,“ said Ron Heinz, Managing Director of Canopy Ventures. “Virtually every network security, compliance, and network management product becomes much more useful when it is able to leverage Solera Networks' high-performance technology to gain complete visibility into network traffic. This company has far-reaching opportunities and capabilities, and we are looking forward to working with the management team to expand its market position.“
Mr. Brown joins Solera Networks' management team after recently serving on the company's Board of Directors. Over the past few years, he has advised several technology companies, including Solera Networks, on strategy, fundraising and operational matters. Prior to that, he was Executive Vice President and General Manager at OpenTV, where he played a key role in the company's successful IPO and was responsible for the company's applications business unit and its worldwide business development and corporate development activities. Prior to OpenTV, he was a Partner at the law firm of Pillsbury Madison & Sutro in San Francisco.
Mr. Tveit is a 20-year veteran of software and hardware engineering, having most recently served as Director of Engineering at SonicWALL in charge of their SSL, VPN and Common Criteria initiatives. Tveit has also held senior engineering positions at Mainstream Data, Philips/BTS and Unisys. He holds a Bachelor of Science in mathematical sciences and a Bachelor of Arts in political economics from Johns Hopkins University.
Fumiya Minagawa, named as President of Solera Networks Japan, began his relationship with the company as a distributor more than three years ago. He has more than 20 years of experience in engineering consulting, technology sales, product development, and corporate IT management, including five years as Chief Information Officer at Kokusai Kogyo. Mr. Minagawa also served as senior education manager for four years at Sun Microsystems in Japan, where he received the Sun President's Award in 2002. He has also held senior manager positions at Bearing Point and received the coveted Nikkei Publications Grand Prix award for a large-scale deployment of SAP.
About Solera Networks
Solera Networks is the leader in open platform deep packet capture and stream-to-storage technology. Solera Networks' DS Series is a line of high-performance appliances, including software-only virtual appliances, which capture, record, and archive 100% of network traffic at speeds up to 10Gbps. The captured data is then accessible instantly via Solera Networks' search, alert and archive interfaces, or via any standards-based security, forensics, compliance, analytics or network management application. For more information on Solera Networks, visit http://www.soleranetworks.com.