Friday, October 24, 2008

VBrick values latest funding at $11.9M

By Mass High Tech Staff

Wallingford  Conn.-based VBrick Systems Inc. has secured  an $11.9 million round of funding. Returning investors to the company include Adams Capital Management, Menlo Ventures, Morgan Stanley Venture Partners and RedShift Ventures.

The company last raised financing in 2001, when it brought in $22 million.

In an interview with MHT last spring, CEO Vincent Graziani said the company was in the process of raising new financing, though he expected it to become profitable in 2008. According to Graziani, the 126-person company brought in about $30 million in revenue in 2007 and is on pace to significantly surpass that in 2008.

VBrick makes network devices to provide live, streaming video services to enterprises, as well as the public Internet. The company’s target markets include government agencies, educational institutions and large private enterprises.

Last spring, the company signed a partnership agreement with Cambridge-based Akamai Technologies Inc., which will help the company streamline its video delivery system and make network resources more efficient, according to executives.