Cranite Systems Closes
Series B with $2.1 Million Venture
SAN JOSE, CALIF. -- Cranite Systems, a provider
enterprise software for securing, managing, and mobilizing local
wireless networks, has raised $2.1 million in its Series B round
of funding, Greg McNulty, president and CEO told VentureWire.
Previous investor Selby Venture Partners led
the round with participation from other previous investors, Industry
Ventures and H&Q Asia Pacific, and new investor Pacifica Fund.
Mr. McNulty said the company will use the new
funds to complete the next release of its WirelessWall software,
version 1.1, and for sales and marketing. The company plans to ship
the new version later this year.
Cranite, which has 16 employees, plans to increase
its staff to 40 by the end of this year.
Cranite's vice president of marketing, Scottt
Lucas, said the funding will last through the end of the year and
the company plans to go out for a Series C round of funding. While
Cranite would not disclose a specific quarter for reaching profitability,
Mr. Lucas said it would be within "the next couple of years."
Founded in August 2000, Cranite raised $2 million
in its Series A round in November 2000.