Benefiting from the surge in interest around Ethernet services, Yipes Enterprise Services Inc. announced yesterday it's completed a $17.5 million funding round.
The funding round, Yipes's fourth, consists of a $9 million line of credit from Silicon Valley Bank
and $8.5 million from prior investors Crosslink Capital , Norwest Venture Partners , JPMorgan Partners , and Sprout Group . (See Yipes Raises $17.5M.)
The "new" Yipes has raised $106 million since emerging from bankruptcy protection in 2002. Born as Yipes Communications, the firm enjoyed some bubble-era success -- and $291 million in pre-2002 funding -- before getting sucked into the telecom crash. The controversial Chapter 11 filing followed, allowing the company to clean up its balance sheet while landing in the hands of original Yipes investors, who took substantial write-offs in the process. (See Yipes Joins Chapter 11 Club and Yipes Reborn Amid Accusations.)
But things have gotten better. Yipes says it's in positive territory with its earnings before interest, taxes, depreciation, and amortization -- a step towards real profitability.
"They're clicking along," says Stan Hubbard, senior analyst with Heavy Reading. "They've made some progress in providing strong service-level agreements, which is a key thing for enterprise customers." (See Yipes Strengthens SLAs.)
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