Funding and management efforts designed to continue strategic growth plans for the Universal Connectivity System™ 2900 Family of Switches and Management Software
LUMBERTON, NJ—August 7, 2007—OnPATH Technologies™ (formerly IntelliPath), a provider of leading automated connectivity solutions, today announced that it has closed its Series A funding with $2.0 million financed by the prestigious venture capital firm, GKM Ventures, located in Los Angeles and Redwood Shores, California. This investment by GKM Ventures closes OnPATH Technologies' Series A funding round at a total of $8.5 million. GKM Ventures now joins L Capital Partners and Blueprint Ventures as Series A investors in OnPATH Technologies.
The investment will be used for the continued development of products and services to extend and support the Universal Connectivity System™ 2900 (UCS™ 2900) product line and management software. As well as for strategic initiatives that capitalize on the strong market opportunity for automated connectivity solutions. OnPATH Technologies sells the products directly to customers as well as through established value-added resellers that specialize in enterprise connectivity.
The UCS 2900 product line-acquired from Brocade in March 2007-helps customers simplify their physical layer infrastructure by automating end-to-end network path management of fiber and copper environments. The UCS product line is the most scalable and versatile automated connectivity technology on the market today with support for over 4,000 ports and LAN, SAN, MAN and WAN interfaces. With the UCS 2900 product, customers can wire their infrastructure once and then through the management software make 'virtual' adds, moves, and changes, which provide benefits such as high levels of scalability, availability, and monitoring performance.
"IT organizations of all sizes are looking for ways to do more with less and to do more with what they already have in order improve on application service delivery including performance and availability by leveraging automation-as well as virtualization-to maximize available IT resources including hardware, software, networks and people," said Greg Schulz, founder and senior analyst, The StorageIO Group, an IT industry analyst firm. "With an offering like the OnPATH Technologies UCS 2900, IT organizations can address the error prone manual and time consuming tasks associated with managing the underlying physical infrastructure including add, drops, moves and other physical cabling operations required to support a virtualized data center environment in a cost effective and secure manner."
The UCS product line has an installed base of over 1,000,000 connectivity ports and an impressive user base of both Fortune 100 and federal government agencies with numerous installations around the world.
"GKM Ventures primarily invests in information technology companies with proven customer validation, accelerating revenues and attractive profit margins," said Jonathan Bloch, managing director, GKM Ventures. "With OnPATH Technologies' amazing established base of customers and proven management track record, we feel OnPATH Technologies is proving they are steadfast in their commitment to grow the business and we are pleased to support their continued efforts."
OnPATH Technologies is also pleased to announce formally its Board of Directors:
- Jonathan Bloch, Managing Director, GKM Ventures
- Peter Dougherty, President and CEO, OnPATH Technologies Corporation
- Michael Frendo, Senior Vice President, High End Security Systems, Juniper Networks
- Jim Huston, Managing Director, Blueprint Ventures
- John Levy, Partner, L Capital Partners
- Oded Weiss, Partner and CFO, L Capital Partners
"OnPATH Technologies' management team and board of directors is completely focused on the company's mission of providing customers with the ability to simplify their data center's physical layer connectivity," said Peter Dougherty, president and CEO of OnPATH Technologies. "By doing so we can help our customers to significantly improve their network availability, reduce costs, save time, and focus their IT staff on more important tasks."
About GKM Ventures
GKM Ventures, with offices in Los Angeles (HQ) and Redwood Shores, is a leading expansion stage venture capital fund investing $1.5 to $5 million in rapidly growing technology companies located in the Western U.S. Their industry preference spans several growth sectors: communications, enterprise software and IT services, semiconductors and digital media. For more information about, please visit www.gkmventures.com or phone 1.310.268.2627.
About Blueprint Ventures
Blueprint Ventures is a San Francisco Bay Area investment firm focused on technology start-ups including components, systems, and software/services. The firm works with exceptional entrepreneurs to deliver disruptive technologies to market in a capital-efficient manner. Blueprint is the industry innovator in leading Corporate IP spinouts by partnering with high-tech companies to commercialize their non-core, pre-revenue intellectual property. Blueprint's investment professionals provide significant entrepreneurial, operating, and investment experience to their portfolio companies. For more information, visit www.blueprintventures.com.
About L Capital Partners
L Capital Partners is a midsized venture-capital fund looking to advance companies with the potential to take groundbreaking products to market. This mission is reflected in the firm's portfolio of technology, healthcare, and energy & environment companies with their unique value propositions. To help these companies realize the promise of transformational change, L Capital Partners is a committed, multi-round investor that supports each company with a team of partners, principals and associates who have deep industry and financial expertise. In the technology sector, the firm targets companies in the areas of information technology and security/defense. Established in 2004, L Capital Partners has offices in New York and Tel Aviv. For more information about L Capital Partners, go to www.lcapitalpartners.com.
About OnPATH Technologies
OnPATH Technologies provides physical layer switches that automate connectivity to help organizations simplify and virtualize their physical layer infrastructure improving the availability, manageability, and performance of their IT environments. The company's solutions meet the stringent requirements of enterprise organizations and government entities with complex, dynamic and mission-critical IT environments. OnPATH Technologies is located in Lumberton, New Jersey. For more information reach OnPATH at info.request@onpathtech.com or 609.518.4100.
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Media Contact:
Beth Harte
Corporate Marketing Manager
609-518-4481
beth.harte@onpathtech.com
