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Friday, September 3, 2010
EIQnetworks adds on to latest funding, bumping it to $2M
By Rodney H. Brown
MHT's Emerging Technologies Forum: Health IT and the Cloud
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Acton-based network security company EIQnetworks Inc. has added to a previous debt and options round, boosting it to $2 million, according to federal documents.
In January, EIQnetworks brought in the first piece of the funding, at that time raising $1 million of what it proposed as a $1.5 million financing. With the additional $1 million, the company has now bumped the financing to the $2 million mark.
While the documents filed with the U.S. Securities and Exchange Commission did not list by name the three entities involved in the financing, it does note as a director Mike Tyrell, who led New York-based Venrock Associates involvement in EIQnetworks’ $10 million round of financing in January 2009. Also listed in the filing as a director of EIQnetworks is networking veteran and serial entrepreneur Cheng Wu.
In February 2009, EIQnetworks named software industry veteran Mike Sullivan as the company’s chief financial officer. Sullivan was CFO at Ecora Software Corp., and prior to Ecora, he served as CFO for Segue Software Inc., where he helped the company’s sale to Borland Software Corp. in 2006 for more than $110 million.
Founded in 2001, EIQnetworks in October of 2008 announced the appointment of Jim Geary as president and Mike Rothman as chief marketing officer. Co-founder Vijay Basani is CEO.
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