Yipes Secures Nearly $17.5 Million in Funding

Yipes Enterprise Services Inc., one of the pioneers in the managed Ethernet services market, has completed its fourth round of funding for $17.5 million, bringing to $102 million the total amount of equity it has raised since mid-2002.

The company secured a $9 million line of credit from SVB Silicon Valley Bank, as well as additional Series D funding of $8.5 million from existing investors, Crosslink Capital, Norwest Venture Partners, JPMorgan Partners LLC and Sprout Group, a venture capital affiliate of Credit Suisse.

Yipes said it will use the funding to expand into new markets and develop new products.

“This round of funding gives us the resources to aggressively pursue the many opportunities we see emerging globally,” said John Scanlon, CEO of Yipes. “We have demonstrated to our investors and our customers that Yipes is unique in the marketplace, and we look forward to building on that success as we move into our next phase of growth.”

Yipes Enterprise Services Inc. www.yipes.com

Share this article: Email, Slashdot, Digg, Del.icio.us, Yahoo!MyWeb, Windows Live Favorites, Furl
Add this article feed to: RSS, My Yahoo, Newsgator, Bloglines