Venture capital firm Duff Ackerman & Goodrich led the Series C round with $4m. Additional funding came from Nortel Networks, which in March announced it was to OEM Trapeze’s switches offering them as a more performant alternative to the Airespace (now Cisco) kit is was already offering. Existing investors Accel Partners, Redpoint Ventures, Oak Investment Partners, Castile Ventures, Trautman Wasserman & Co. and C.E. Unterberg Towbin, also participated in the round.
It was back in April 2002 when the Pleasanton, California-based company raised $16m in a Series A funding round. This was followed in June 2003, when it raised $34m in Series B funding, one of the largest rounds of private venture funding that year.
Our Series C funding will go toward hiring more engineering and sales staff to meet the needs of our new OEM partners and rapid growth in the WLAN market, said Jim Vogt, president and CEO in a statement. We believe the addition of Nortel to the investment round is a testament to its commitment to Trapeze and the future of our joint development projects.
