Network Forensics Leader Poised for New Growth with Venture Fund Support
Canopy Ventures announced today that it has made a $3.9 million Series B Preferred Stock investment in Solera Networks of Lindon, Utah. This is the first investment led by Canopy Ventures’ new management team, and the first investment outside of Canopy’s current portfolio in two years.
Solera Networks provides network monitoring solutions that collect and store massive amounts of network data for mission-critical performance analysis and forensics. With storage of up to 128 terabytes, Solera’s network appliances can store several weeks’ worth of detailed information about every packet transmitted in, out or across a large, high-speed network. The company markets its products primarily to the Network Management and Network Security Markets.
“We are very pleased to have partnered with Solera Networks,” said Ron Heinz, Managing Director of Canopy Ventures. “They have produced innovative technology in an extremely attractive market, and are poised for significant growth. This infusion of capital will allow Solera to accelerate product awareness and enhance an already compelling product line.”
“I have been fortunate to enjoy a longstanding relationship with Canopy,” said Bryan Sparks, President and Chairman of Solera Networks. “When Ron and I began our discussions, we felt this was a perfect fit. We have developed a superb product and proven it with some highly sophisticated customers, and now is the time to start growing sales more rapidly. Canopy’s investment will help make that happen.”
Canopy Ventures has played a key role in the development of major technology success stories including Altiris, MyFamily.com and Helius. Last month, Canopy announced the acquisition of MaxStream, one of its portfolio companies, by Digi International in a $38.5 million transaction.
Solera Networks is currently headquartered in Lindon, Utah, and plans to expand its management and engineering teams in Utah.
ABOUT CANOPY VENTURES
Canopy Ventures is an early-stage venture capital firm targeting information technology companies in the western United States. Its primary areas of focus include enterprise software, IP video technologies, networking and communications, security software, WI-FI broadcasting, IT hosting and software as a service. Its offices are in Lindon, Utah. More information may be found at www.canopy.com
