Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : Alliance Semiconductor -- Ignore unavailable to you. Want to Upgrade?

To: DJBEINO who wrote (9505)	9/27/2001 10:51:56 AM
From: DJBEINO	Respond to of 9582

Corona Networks another investment by ALSC Corona Networks Secures $40 Million in Third Round of Equity Funding, Led by Merrill Lynch Ventures and New Enterprise Associates MILPITAS, Calif.--(BUSINESS WIRE)--Sept. 27, 2001--Bringing together a number of leading investment groups in the telecommunications space, Corona Networks, the industry-leading developer of next-generation network-based edge aggregation and intelligent IP service platforms, today announced the closing of its third round of funding for $40 million, bringing its total capital raised to date to over $68 million. Merrill Lynch Ventures and New Enterprise Associates led the equity investment in this round of funding. Other investors participating in this round include, The Ignite Group, Alliance Ventures and Redwood Ventures. With its third round of funding, Corona Networks is well capitalized to continue both on-going development and expansion of production capacity for the expected rapid growth of the company in 2002. ``With this solid backing from our investors, Corona's vision of the new IP edge, will soon become a reality for service providers,'' said Ramandeep Singh President and CEO of Corona Networks. ``Our ability to close this third round of funding in such a difficult market condition further indicates that our investors strongly believe in Corona's huge potential in this market space.'' ``We tripled our dollar commitment to Corona in this round of financing due to our respect for the company's management team and our belief that Corona offers carriers the highest performance, scalable solution for building the new IP edge,'' said Tom McConnell, General Partner of NEA. ``I believe that Corona's solution is a highly competitive one, and directly meets the needs of large service providers,'' said Raj Singh, Co-founder and Board Member of Corona Networks. ``There is a compelling market opportunity for Corona, and our investors recognize that.'' In other related developments, Corona Networks has signed four nationally prominent Service Providers to trial the Corona Networks IP Service Platform (ISP) 12000. The four field trials, which started in September, will run through December 2001. The Corona Solution Designed in tandem, the Corona IP Service Platform 12000 and IP Service Manager offer a unified solution that empowers service providers to leverage their tremendous investment in core network bandwidth by delivering a rich suite of IP services such as VPNs, firewalls and NAT, as well as content-aware policy capability. With this solution, service providers can create and manage thousands of independent IP services, thousands of virtual routers and policies spanning hundreds of thousands of subscribers while featuring the widest range of interface support, from DS-3 to OC-192. About Corona Networks Corona Networks, based in Milpitas, Calif., and founded in December 1998, has created the industry leading integrated platform for intelligent IP services, universal subscriber and session management, and traditional IP edge routing that features massive scalability, performance and service management capabilities for the new IP edge. Corona's ISP 12000 and ISM meets the complex needs of service provider market and empowers them to realize a long-term pipeline of profitable IP services revenue. More information about Corona Networks, Corona ISP 12000 and Corona ISM can be found online at www.coronanetworks.com. biz.yahoo.com