Over-Subscribed Funding Round Positions Company for Continued Growth and Market Leadership; Supported by Five of Forbes' 2011 Midas List of the Top 100 Tech Investors
SEATTLE, WA – May 3, 2011 – ExtraHop Networks, a leading provider of network-based application performance management (APM) solutions, today announced it has secured $14 million in series B financing led by Meritech Capital Partners, a leading late-stage venture capital firm. The over-subscribed funding round also included participation from Madrona Venture Group, an original investor in ExtraHop, as well as other private investors. The new funding will be used to further ExtraHop's strong growth trajectory and build on the company's proven ability to help customers spanning a wide range of industry verticals, including travel, transportation, technology, communications, and retail, deliver superior customer experiences and lower IT costs.
Meritech Capital Partners focuses on late-stage venture capital investments in category-defining technology companies, including Salesforce.com, Facebook, Riverbed, and Zipcar, and currently manages $2.6 billion in capital. With the Meritech Capital Partners team of Paul Madera, George Bischof, Mike Gordon, and Rob Ward, along with Madrona Venture Group Managing Director Matt McIlwain, this latest funding round for ExtraHop includes participation from five venture capitalists listed in Forbes' 2011 Midas List of the Top 100 Tech Investors.
"We are very excited to engage with the ExtraHop team as it takes the company to the next level," said George Bischof, Managing Director of Meritech Capital Partners and former investor in Wily/CA. "Having spent time at companies in the application performance monitoring industry, I can say with a lot of confidence that ExtraHop's solution is truly innovative. As a real-time, network-based, passive solution, it brings APM capabilities to market that weren't previously available in other offerings. This late-stage investment with ExtraHop underscores Meritech's mission to invest in highly successful technology companies that grow to define their markets."
ExtraHop's position as a market leader has been achieved by building the award-winning ExtraHop Application Delivery Assurance system to ensure that business-critical transactions do not fail. By providing an unprecedented level of real-time monitoring, visibility, and analysis, the solution accelerates network and application troubleshooting efforts and proactively warns of potential problems before they turn into large disasters.
"We have always had a passion for technical and operational excellence at ExtraHop, and we feel the team behind this round of financing has validated our ability to use that passion to build a strong, innovative company," said Jesse Rothstein, CEO and co-founder of ExtraHop Networks. "With such an outstanding group of investors backing us, we're looking forward to taking our company to the next level. Our goal with this latest injection of capital is to continue doing what we do best—delivering innovative solutions that solve business-critical problems for our customers, and in doing so, naturally solidifying our position as the leader in network-based APM."
For more information about ExtraHop and the company's Application Delivery Assurance system, visit /.
About ExtraHop Networks
ExtraHop Networks is a leading provider of network-based application performance management (APM) solutions. The ExtraHop Application Delivery Assurance system performs the fastest and deepest analysis in the industry, providing application-level visibility with no agents, configuration, or overhead and real-time transaction monitoring at speeds up to 10Gbps in a single appliance. The ExtraHop system quickly auto-discovers and auto-classifies applications and devices, delivering immediate value out of the box. ExtraHop Networks provides award-winning solutions to companies across a wide range of industries, including ecommerce, communications, and financial services. The privately held company was founded in early 2007 by Jesse Rothstein and Raja Mukerji, engineering veterans from F5 Networks and architects of the BIG-IP v9 product. Follow us on Twitter @ExtraHop. For more information, visit www.extrahop.com.
About Meritech Capital Partners (MCP)
Meritech Capital Partners is a leading provider of late-stage venture capital to category-defining private technology companies, and has been one of the top performing venture firms of the past decade. With over $2.6 billion under management, Meritech primarily leads investments into portfolio companies of leading early-stage venture capital firms and looks for companies with proven and differentiated technology, rapidly-growing revenue and experienced management teams. With one of the most active venture portfolios, Meritech has experience in, and provides guidance on issues facing rapidly growing companies including management incentive plans, IPO market timing and positioning, M&A strategies and negotiations and adviser selection.
Meritech investments in industry-leading companies include 2Wire, Acclarent, BigFix, Broadsoft, Cornerstone-OnDemand, Danger, Facebook, Fortinet, Greenplum, Netezza, NetSuite, PopCap, Presidio, Riverbed, Salesforce.com, Sourcefire, SpringSource, Tele Atlas and Zipcar.
Meritech is located in Palo Alto, CA and can be found at www.meritechcapital.com.
About Madrona Venture Group
Madrona 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 predominately in seed and Series A rounds 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, Farecast.com, ShareBuilder, Isilon Systems, Classmates.com, and World Wide Packets.