MOUNTAIN VIEW, Calif.-NextHop Technologies has closed a Series B funding round of $10.5 million, which it plans to use to continue development and marketing of its converged enterprise wired/wireless local area network switching platform. This financing includes all of NextHop’s previous investment partners: New Enterprise Associates, Duchossois Technology Partners, Labrador Ventures and Parker Price Venture Capital.
Total funding in the company is now $35 million.
NextHop also added Dick Kramlich, general partner and co-founder of New Enterprise Associates, to its board of directors. Kramlich has more than 35 years of venture capital investment experience focused on technical companies.
“We continue to strengthen our financial, management and market position as we move forward. We see Dick’s addition to our board and the confidence of our investors in this financing as further evidence of this,” said Ed Cluss, president and chief executive of NextHop. “Having worked with Dick before, I know he brings a wealth of experience to any board he joins, and we look forward to tapping into his valuable insight. We continue to see NextHop’s business opportunity expand with the addition of new customers and partners, particularly for wireless and convergence enterprise LAN products.”
