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The mysterious Fabric7 Systems Inc. has the funding it needs to deliver its first product. But nobody from the company will let out a peep about what that first product might be.
Something's cooking at the Mountain View, Calif., startup: It's raised $17.5 million in a series B round, bringing its funding total to $32 million over two years. Selby Venture Partners led the round, which included other new investors Foundation Capital, Vanguard Venture Partners,
and Yasuda Ventures, plus previous investors New Enterprise Associates (NEA), Goldman Sachs & Co., and Sanmina-SCI Corp. (Nasdaq: SANM).
Bob Marshall of Shelby Ventures joins Fabric7s board, along with CEO Sharad Mehrotra, COO David Dicioccio, NEA's Richard Kramlich, and Ankur Sahu of Goldman Sachs.
Fabric7 has between 50 and 100 employees, with plans to hire, particularly in engineering, and Mehrotra says the company won't grow "drastically" more than this.
"Several years ago we laid out a vision for re-architecting the enterprise data center with a new class of standards-compliant equipment that delivers capabilities that the competition is only now starting to talk about, Mehrotra says. This financing will provide us with the resources required to complete product development and enter the market to validate our vision."
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2022 was a boon year for IT salaries. 2023 came in like a beast with layoffs, raise freezes, and ChatGPT, but that beast has few teeth.
Age is only a number. Don't let a high number cancel your career.
