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IPHighway Raises $11 Million in Second-Round Funding from Leading Venture Capital Groups
FORT LEE, N.J. — 08 November 1999 — IPHighway, a leading provider of policy management technology, today announced that it has closed a second round of venture capital funding with a combined $11 million investment from ABS Ventures (ABS Venture IV LP and ABX Fund LP), The BRM Group, Harbourvest Partners LLC, and Venrock Associates. The funding confirms the strong demand for policy-based networking solutions, and for IPHighway's technology expertise and advanced solutions portfolio.IPHighway's policy-based networking solutions are designed to help telecommunications carriers, ISPs, and enterprise organizations deliver, manage and optimize their IP-based networking services, providing a system to allocate bandwidth to support business-critical operations. Its flagship product, Open Policy System, is widely acknowledged by industry analysts and leading trade journals as easy to use, manage, and support. The company's co-founder and chief technology officer, Shai Herzog, is a member of several Internet standards groups, and is highly regarded throughout the industry as one of the foremost experts in policy-based networking.
"We are pleased to raise additional funds through these high-profile investment groups," explained Paul E. Blondin, president and CEO of IPHighway. "By investing in IPHighway, these global venture capital companies have recognized the strong need for policy-based networking solutions to further the growth and use of IP networks, as well as our own ability to execute a strategy to deliver such products to the market."