Concentric Network Corp, Cupertino developer of tailored network systems for the electronic commerce and Internet-intranet markets, reports that it has secured a total of $55m in venture funding from a list of blue and not so blue chip companies including Racal-Datacom Inc, the Sattel Communications LLC subsidiary of The Diana Corp, Softbank Corp, StreamLogic Inc and Telecom Italia SpA’s Telemedia International Ltd. Concentric expects to use the capital infusion to complete implementation of its new leading edge network and to finance expansion on a global level. Racal, as the network integrator and network services provider, is offering Concentric a line of credit up to $20m in leases for Racal-provided services and equipment over period of about 12 months to complete provisioning of the network. Concentric says it also has agreements with Telemedia and Racal covering collaboration on an international network implementation and distribution of intranet and virtual private network products and worldwide services.
