October 30, 2007 -- Hercules Technology Growth Capital, Inc. announced that during the third quarter of 2007, it provided $15 million of venture debt to Solarflare Communications, to augment sales and marketing efforts for the company's "10Xpress" 10 Gigabit Ethernet transceiver platform. The capital will also enable additional research and development for the company's line of second generation products and solutions.
"The great market potential for Ethernet technologies, especially those of Solarflare's capabilities, is undeniable," comments Steve Kuo, principal at Hercules. "This reality, coupled with the presence of an excellent management team at Solarflare, played a large role in Hercules' decision to extend venture debt to the company. This financing initiative underlines Hercules' ongoing commitment to support companies developing industry changing technologies and further emphasizes the unique benefits of venture debt."
Whereas most current Ethernet technologies available in the market use fiber wiring, Solarflare's products use the same copper wiring that is present in most data centers and enterprises. The company contends that its use of copper increases compatibility and provides a more cost-effective solution to customers.
The company is backed by several venture capital firms including Accel Partners, Anthem Venture Partners, Foundation Capital, Intel Capital, Miramar Venture Partners, Oak Investment Partners, and Revolution Ventures.
"Solarflare has provided a vital solution to the industry, and the venture debt provided by Hercules will enable us to continue the development of Ethernet technologies that provide easy and cost-effective interconnect solutions," concludes Russell Stern, president and CEO of Solarflare.
