Tuesday, February 24, 2009

Rivulet Communications secures $11.5M

By Efrain Viscarolasaga

Rivulet Communications Inc., a Virginia-based maker of high-bandwidth Internet protocol transmission technologies with research and development facilities in Portsmouth, N.H., has completed its third round of funding, adding $11.5 million to its coffers.

All four investors -- ATA Ventures and Menlo Ventures of California, Performance Equity Management of Greenwich, Conn., and Scorpion Capital Partners of New York -- participated in previous rounds. With the latest round of funding, Rivulet Communications has raised a total of $44.5 million since its inception in 2004.

The new funding will be used to invest in market and sales development activities and to deliver a next-generation product line to fuel growth, according to the company.

Originally founded in Portsmouth by board member and chief strategy officer Steven Rogers, who previously founded Portsmouth’s Cetacean Networks Inc., Rivulet is built on the promise of providing perfect high-bandwidth data streams across private networks -- what officials call “zero packet loss” IP networks. While the company’s technology has a number of applications, including government and multi-media networks, Rivulet has found a niche in the medical industry, providing high-definition medical video.

The company moved its corporate headquarters to Virginia in 2007, and named Washington, D.C.-area technology veteran Edward Kennedy to the post of president and CEO. However, the firm has maintained its research and development facilities in New Hampshire.