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Silverback Hoists $16M

Processor startup Silverback Systems has clinched $16 million in new investments, with Network Appliance jumping on board to help fund 10-Gbit/s enhancements to the vendor's adapters and chips.

Today's investment brings Silverback's total funding to $51 million since the Campbell, Calif.-based firm was founded in 2000. Silverback clinched $15 million in Series C funding back in 2003, and landed an undisclosed sum from Intel the following year.

It's not done yet. The startup's CEO Ahmet Houssein told Byte and Switch that today's round is part of an ongoing push to bring in more cash. "We have another round that we will raise shortly as part of the process of getting funds into the company," he said. "I suspect that in the next six to nine months we will be driving at closing that extra funding.

Harry Petty, Silverback's VP of strategic marketing and business development, says the new funds will be used to boost the firm's marketing and development efforts, with the launch of new 10-Gbit/s adapters, chips, and software expected by the middle of this year.

"This ensures that Silverback has the financial strength to deploy the ten-gig technology we have in development," Petty explained. He added that the new 10-Gbit/s iSnap technology will essentially "slide" into the vendor's existing designs as a hardware upgrade.

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