AUGUST 14, 2008 -- ASSP vendor Xelerated (search for Xelerated) has closed a $13 million funding round led by the Sixth Swedish National Pension Fund (the Sixth AP Fund). The round was further supported by all of Xelerated's existing investors: Accel Partners, Alta Partners, Amadeus Capital Partners, and Atlas Ventures. The new funding will be used to further develop Xelerated's network processor and Ethernet switching family as well as extend sales and support internationally.
"Xelerated has shown impressive revenue growth with its X11 network processor wins with leading system vendors in the United States, China, Japan, Europe, and Israel. Now, with its new HX300 family of products, Xelerated is ideally suited to capitalize on current market trends," says Mats Augurell, Sixth AP Fund. "The company's extension into the access market along with its rapid revenue growth assured us of our decision to reinforce the financing of the company. The additional funds will enable Xelerated to continue expansion of its sales and support activities worldwide."
Xelerated recently announced its HX300 family of network processors and a line of programmable Ethernet switches to the fiber access market. This new family of products feature integrated traffic management and fully programmable Ethernet switches.
"This funding gives Xelerated the capacity to continue its expansion in this growing market and to further develop our new HX300 product family, and strengthen our vision of becoming the number one supplier of feature-rich Ethernet solutions for metro, access, and high-end enterprise systems," says Thomas Axelsson, CEO of Xelerated. "It is also particularly gratifying that all our previous investors participated in this round, and we appreciate their complete confidence in Xelerated's strong tier one customer base, growing revenues and future products."
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