GigaFin Networks, struggles, tries new direction: firewalls
GigaFin Networks, a struggling Cupertino, Calif, company, has raised a $10 million in more capital, to restart the company in a new direction. It is giving up making chips and has developed a new kind of firewall instead.
See the company’s original announcement here about its new network product.
The announcement is somewhat misleading, because the company says it is already a “leading” provider of internal network traffic management products, which can not possibly be the case since it just announced its product in October and there are many larger companies offering the same thing.
The company’s original investors are backing the company.
These include Incubic Venture Capital, Sevin Rosen Funds and Worldview Technology Partners according to VentureWire (subscription required), which first wrote about the funding this morning.
GigaFin was originally called Mistletoe Technologies when it launched in 2002, making networking chips, but it was too complicated for customers to use.
It is now selling low-power, low-cost firewall devices. So far, the company has raised $35 million.
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