Peribit’s US$10m backing bucks funding trend

22 Oct 2003

Peribit Networks, the US network technology company whose European base is in Dublin, has secured US$10m in fourth-round funding, bringing the total raised to US$42m.

The company’s valuation after this round is now US$100m, representing a quadrupling of the company’s valuation in two years and defying a three-year trend of flat or down financing rounds in the US market. WK Technology Fund led this round with previous investors Mayfield, Accel Partners and Foundation Capital all investing at a pro-rata level.

The choice of WK Technology Fund, a Taiwanese venture capital firm, reflects Peribit’s desire to expand into Asia, noted Jef Graham, CEO of Peribit Networks. “We specifically selected WK Technology as a strategic partner so we can leverage their experience in the Greater China markets. China represents a large market opportunity for us and we believe WK Technology will help us build new relationships and unlock new opportunities there.”

“We see great potential for Peribit’s solution in China and throughout Asia,” added Stephen Li, partner at WK Technology Fund.

Founded in May 2000, Peribit Networks specialises in WAN application performance products and has 200 customers. Irish customers include Dawn Group, Southern Health Board, Cork Country Council and Spectra, the photo developing chain.

By Brian Skelly