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Tervela Inc., a maker of hardware-accelerated messaging systems based in New York and Acton, has closed on $18 million in a Series C funding round from Goldman Sachs, Sigma Partners, Acartha Group and North Hill Ventures.
According to the company, Tervela has raised $50 million in venture capital since it was founded in 2004. Tervela’s combined hardware and software appliance is used to speed up delivery of important data to potentially huge numbers of recipients at once.
“It is a very high-speed infrastructure to allow data to circulate faster and more efficiently,” said new CEO Eric Schnadig, who joined the company just two weeks ago. Schnadig succeeds J. Barry Thompson, Tervela’s founder, who takes over as chief technology officer.
Schnadig joins Tervela from Unica Corp. (Nasdaq: UNCA) where he served as senior vice president of worldwide sales and business development. Prior to Unica, Schnadig was a senior sales and marketing executive at Kenan Systems Corp., which was acquired in 1999 for $1.5 billion by Lucent Technologies.
“I think that I have startups in my blood,” said Schnadig. “I love the energy, the positive attitude, the excitement, the day-to-day operational challenges and the strategic challenges of an early stage company.”
According to Schnadig, Tervela’s main customer focus is on financial services company, such as trading firm and brokerages, that require very rapid information delivery for trading purposes.
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