From the press release:
PanGo Networks Inc.
is expected to announce today [October 18, 2005] that it's raised $10
million in a Series B up round led by
Technology Investment Group.
the Bahrain-based lead investor were previous investors
in Alexandria, Va., and
IDG Ventures Boston,
which lifted Framingham, Mass.-based PanGo's total
investment to $18.5 million. Mike Braatz, vice president
of business development, declined to disclose a
valuation on the round but said it was up over its
company scored its $8.5 million first round of funding
in two tranches back in late 2004 after Jeff Bussgang, a
general partner with IDG Ventures Boston, met the two
founders in Pittsburgh, the company's original
headquarters. Bussgang said the fact that these two guys
had a company that already had scored a partnership with
Cisco Systems Inc.
in San Jose, Calif., was compelling evidence of the
quality of PanGo's technology and the need for PanGo's