Santa Clara, Calif. – May 12, 2004 – Nevis Networks, Inc., a startup company developing a new class of solutions for enterprise security, today announced that it has raised a $10 million second round of funding led by Nokia Venture Partners. Nevis raised a $10 million series A in April 2003 from New Path Ventures, a firm founded and managed by chip industry pioneers Vinod Dham and Tushar Dave. Nevis is headquartered in Santa Clara, California with an R&D center in Pune, India. “Nevis Networks has an incredibly powerful value proposition for enterprise network security,” said Peter Buhl, general partner and co-founder of Nokia Venture Partners who will join Nevis’ board, “And they’ve assembled a world-class team that can execute on the vision.” “We are very proud of the progress the team has made towards developing the product,” said Vinod Dham founding partner of New Path Ventures. “The Pune R&D center is a critical asset for building complex enterprise security solutions and a remarkably effective use of the start-up capital.” “Nokia Venture Partners is the perfect investor to join New Path and lead our series B”, said Suresh Nihalani, co-founder president and CEO of Nevis, Nokia Venture Partners’ strength in enterprise networking and security complements New Path’s deep expertise in silicon and systems. Prior to founding Nevis, Nihalani was founding CEO of Accelerated Networks and brought the company public in 2000. Nevis will use this financing round to continue development of its enterprise network security solutions.
About Nokia Venture Partners
Nokia Venture Partners is a leading global venture capital firm based in Menlo Park, California. Backed by a number of value add limited partners, the fund leads investments in early stage technology companies around the world. Launched in 1998, Nokia Venture Partners has a strong track record of leveraging its combined resources, experience and contacts to help build successful infrastructure businesses. The firm also has offices in Washington DC, London, Helsinki, Hertzelia, Seoul, Hong Kong and Tokyo. For more information, visit http://www.nokiaventurepartners.com. About New Path Ventures New Path Ventures LLC is a fund focused on funding cross border start ups using India’s talent for developing Chips, Systems and Embedded software. New Path Ventures is founded and managed by Vinod Dham and Tushar Dave. Dham is known as the “Father of the Pentium” and was the CEO of Silicon Spice, acquired by Broadcom. Tushar Dave co-founded and funded a host of successful cross border companies including Arcus, Armedia, V-engines and Platys.