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Riverbed Reels in $20M

Application acceleration vendor Riverbed Technology Inc. is the latest startup to rake in the cash, netting $20 million worth of Series C funding earlier today (see Riverbed Gets $20M More).

The Series C is Riverbeds largest funding round to date, after pulling in $10 million last January and $6.6 million in 2003, back when the company was called NBT Technology (see Riverbed Secures $10M and NBT Raises $6.6M).

Goldman Sachs & Co. led the latest round, with Accel Partners, Lightspeed Venture Partners, and UV Partners also participating. (Disclosure: Lightspeed was an early investor in Light Reading Inc.)

Riverbed’s flagship offering is its Steelhead application acceleration device, unveiled last April. Fly fishermen will notice a common line running through the vendor’s marketing strategy -- the Steelhead is a type of fish well known to the waders brigade. Apparently, the company’s cofounder and CTO, Dr. Steve McCanne, is a keen fisherman, hence the decision to rename the firm Riverbed.

So what will the $20 million be used for? The company’s president and CEO Jerry M.Kennelly told NDCF the money will be spent on product development, worldwide marketing, and expanding the Riverbed sales force. The San Francisco-based vendor currently has 75 employees around the world, he says, although this number will reach 150 by the end of this year.

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