Topspin Communications Inc. today announced it has secured $20 million in a third round of funding, sending another signal that InfiniBand can make a place for itself in the enterprise.
Meritech Capital Partners led Topspins oversubscribed third round of funding. All investors from the second round -- Accel Partners, Advent International, Duff Ackerman & Goodrich, Presidio Venture Partners LLC, and Redpoint Ventures -- were also involved in round three.
Topspin has raised more than $67 million since its inception in April of 2000, and CEO Krish Ramakrishnan said he expects the current funding will take the company through profitability in around 18 months.
I dont see the need for another round, Ramakrishnan says. I think this will take us to cash flow position, and well see that in the middle of 05. We can last that long. They [investors] realize we are in a revenue stage and getting a lot of revenue from our customers... In the last year or so, its been hard for any startup company to gain traction, and we are gaining traction.
He notes that Topspin plans to use the money to expand its sales and marketing operations and support its growing business.
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