LVL7 Systems, Inc., the leading provider of production-ready networking software to communication system manufacturers around the world, has completed a $21M capital expansion. Leading the oversubscribed Series C financing was USVP. The funding round also included participation from Lighthouse Capital Partners and LVL7's previous investors: The Carlyle Group, Gabriel Venture Partners, H.I.G. Ventures, and Research Triangle Ventures.
According to Venturewire alert: "It sells to 48 customers, mainly system manufacturers in the communications industry that include Netgear Inc., RadiSys Corp., Radstone Technology and Matisse Networks. The company's revenue grew 100% two years in row; it is expected to double again this year. It is aggressively hiring engineers."
Previous investors include Gabriel VP, Carlyle, Accton, HIG Ventures. Company has raised over $55M since November 99.
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