Riverbed Technology Garners $20 Million In Third-Round Funding

Riverbed Technology this week announced that it has secured $20 million in Series C funding. The San-Francisco-based startup, which makes the Steelhead line of wide area network (WAN) acceleration appliances, has raised a total of $37 million and has signed more than 60 customers since launching in May 2004.

Riverbed's technology addresses a common IT complaint: The network is running slower than normal due to remote office computing demands. The company says that its Steelhead appliances can accelerate applications by up to 100 times on wide area networks, allowing employees to access, save, and send large files over long distances and businesses to change the way they deploy IT infrastructure to remote offices.

The lead investor in this round of funding was Goldman Sachs, with follow-on investments from Accel Partners, Lightspeed Venture Partners, and UV Partners, who participated in the company's first two rounds of financing.