Packeteer Inc, Campbell, California start-up formed to address the growing problem of crowd control on the Internet and the World Wide Web, reports that it raised $4.7m in its first round of venture funding. Packeteer’s product, expected to be available next month, is a network device designed to enable companies to allocate bandwidth on a priority basis to outside users accessing their corporate Web sites, and to internal intranet users accessing the Internet. Packeteer has been operating since its formation in July 1995 on about $700,000 of seed capital raised from a group of private investors. The new tranche of cash comes mainly from venture capital fund operators New Enterprise Associates and Onset Ventures, both of Menlo Park, plus a further contribution from the original investors.
