Colubris nets US$13 million in venture funding

FRAMINGHAM (03/09/2004) - WLAN vendor Colubris Networks Inc. has finished a third round of venture funding, netting US$13 million.

The new money, which lifts total investments in Colubris to $21 million, will be used to beef up Colubris' efforts in the WLAN service provider and enterprise markets.

The investments were led by GrandBanks Capital Inc., along with existing investors Prism Venture Partners and the Development Bank of Canada. A new investor, Mid-Atlantic Venture Funds, also took a stake.

In January, Colubris announced new WLAN access points designed to eliminate the need for separate WLAN switches. The new products plug into existing Ethernet switches, and then can be centrally configured and managed by a new management application. The goal is to make it simpler to deploy large-scale WLANs that fit into an existing wired net, and use its security and authentication features.

As is customary, the new funds bring new members of the board of directors: Charles Lax, of GrandBanks, and Tom Smith, of Mid-Atlantic have been named board members.

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