Gigabit Ethernet specialist Packet Engines Inc of Spokane, Washington has secured further equity finance through a private placing of $13m of its shares. Many of the private investors taking up the placing have already backed Packet Engines in the past, including the venture capitalists Mayfield Fund and Battery Ventures who supplied start up capital back in June 1996. The company needs the extra capitalization to help it stay ahead of the gaggle of start up firms now emerging in this market. A full public offering of its stock is planned time in the future.
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