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NEA invests $12.5m in Nevis

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CIOL Bureau
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PUNE: Nevis Networks, an emerging provider of LAN security systems has completed a $12.5 million follow-on round of Series B financing.

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New Enterprise Associates (NEA) has joined the existing investors BlueRun Ventures and New Path Ventures in the up-value round, raising the total investment in Nevis to $32.5 million.

Nevis plans to use these funds to bring its products to the market and expand its sales and marketing workforce.

At a press conference here, Nevis also announced the appointment of Charles Dauber, a network security expert, as its president and chief executive officer. He replaces Suresh Nihilani.

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Dauber will drive the penetration of Nevis' ` Personal DMZ' technology into the enterprise market. He was previously with Blue Coat Systems and led multiple acquisitions and 15 technology partnerships at Blue Coat.

Dauber pegged the enterprise security market at $ 18 billion and felt there was huge opportunity waiting to be tapped. Corporate America alone has over 67 million PC users, he said. Dauber believed that the additional funding and NEA's assistance would allow the company to prepare for an aggressive entry into the LAN security market.

He believed the Nevis security product, slated to be launched later this year would find a hot market in India, especially with the BPOs forced to go upfront with clients on the security of their data.

Giving details of the product, Dauber said, it would integrate with existing LAN security systems and would not require any kind of network changes. He said they would work with resellers and consultants to sell the product, but would not work to sell other people's products.

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