Funding to Fuel Growth and Innovation
SEATTLE, WA – April 14, 2009 – ExtraHop Networks, Inc., the first network-management company to deliver true application visibility, today announced it completed a $5.1 million Series A round of funding, led by the Madrona Venture Group, with participation from strategic angel investors including Marc Andreessen, co-founder of Netscape, Opsware, and Ning, and Ben Horowitz, the former CEO of Opsware and SVP of Software at HP. The funds will be used to accelerate the company's growth and fuel investments in customer acquisition, product development, and go-to-market efforts.ExtraHop's rapidly growing customer base utilizes the innovative ExtraHop Application Delivery Assurance system to identify and resolve performance issues in mission-critical networked applications. The ExtraHop Application Delivery Assurance system goes far beyond current monitoring products, delivering a holistic view of the complete application environment with no agents or overhead. By bringing application-level visibility to both network and application teams, ExtraHop helps customers cut troubleshooting time, lower operational costs, and do more with existing IT resources.
"At Madrona, we're committed to supporting world-class teams with breakthrough innovations," said Matt McIlwain, Managing Director at Madrona Venture Group. "In this economic climate, the ExtraHop network- and application-management solution brings compelling value to IT organizations looking to lower cost and improve delivery quality. The team has demonstrated strong traction in the marketplace by successfully launching ExtraHop's flagship product in late 2008 and securing numerous customer wins."
"Since the inception of ExtraHop, we have seen overwhelming demand for a better network- and application-management solution. After two years in development, it's gratifying to see our product in action, solving customer pain points and garnering significant attention from both the application and network management communities. Our ability to deliver a 15-minute install and instant ROI is particularly appealing in these times of flat to declining budgets and has helped to boost customer adoption," said Jesse Rothstein, CEO of ExtraHop. "This funding is helping us capitalize aggressively on market demand and accelerate our pace of innovation."
About Madrona Venture Group
Madrona (www.madrona.com) has been investing in early-stage technology companies in the Pacific Northwest since 1995 and has been privileged to play a role in some of the region's most successful technology ventures. The firm invests across the information technology spectrum including consumer Internet, commercial software and services, digital media and advertising, networking and infrastructure, and wireless. Madrona currently manages nearly $700 million and was an early investor in companies such as Amazon.com, Isilon Systems, World Wide Packets, iConclude, Farecast.com, and ShareBuilder.