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Cereva's Back on Track

Cereva Networks Inc. has surmounted a key obstacle in its path to the next-generation storage networking market: Today, it announced the closing of $51 million in new equity funding.

The round comes not a moment too soon. Earlier this week, it seemed the startup had taken a turn for the worse in the wake of ongoing executive shuffling (see Cereva Skids to a Halt).

What a difference a day makes.

Cereva says it's on track now to release its product, a high-end switch-plus-storage array for use in carrier networks, by year's end. Trials are underway at service provider NaviSite (Nasdaq: NAVI) and at two private companies, the firm says.

Cereva's also in the process of recruiting a new CFO and head of sales to replace the executives who have left the building.

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