Solera Networks Closes $5 Million Financing Series B Funding

Solera
Networks, in deep packet capture and stream-to-storage
technology, announced the closing of a $5 million Series B
funding by Canopy Ventures, which also led the company’s
Series A round of $3.9 million in 2006. Solera Networks expects to use the funds to
accelerate product development and sales and marketing efforts, in
addition to working capital.

Solera Networks also announced the appointment of three key executives. James Brown was named the company’s
Chief Operating Officer and Chief Financial Officer; Paal Tveit was
promoted to the position of Vice President of Engineering; and Fumiya
Minagawa was named President of Solera Networks Japan.

“Solera Networks has experienced very
rapid growth over the past few quarters as the importance of capturing,
storing and searching network traffic has become increasingly clear to
our customers,” said Steve Shillingford, President and CEO of Solera Networks. “Closing this round of financing is an important milestone in the company’s
progress. Not only will it allow us to accelerate the release of
important products, it also allows us to add key talent to our
executive team.”

“Solera Networks has produced technology that is transforming the way organizations view data in motion,” said Ron Heinz, Managing Director of Canopy Ventures. “Virtually
every network security, compliance, and network management product
becomes much more useful when it is able to leverage Solera Networks’
high-performance technology to gain complete visibility into network
traffic. This company has far-reaching opportunities and capabilities,
and we are looking forward to working with the management team to
expand its market position.”

Mr. Brown joins Solera Networks’ management team after recently serving on the company’s
Board of Directors. Over the past few years, he has advised several
technology companies, including Solera Networks, on strategy,
fundraising and operational matters. Prior to that, he was Executive
Vice President and General Manager at OpenTV, where he played a key
role in the company’s successful IPO and was responsible for the company’s
applications business unit and its worldwide business development and
corporate development activities. Prior to OpenTV, he was a Partner at
the law firm of Pillsbury Madison & Sutro in San Francisco.

Mr. Tveit is a 20-year veteran of software and hardware engineering,
having most recently served as Director of Engineering at SonicWALL in
charge of their SSL, VPN and Common Criteria initiatives. Tveit has
also held senior engineering positions at Mainstream Data, Philips/BTS
and Unisys. He holds a Bachelor of Science in mathematical sciences and
a Bachelor of Arts in political economics from Johns Hopkins University.

Fumiya Minagawa, named as President of Solera Networks Japan, began
his relationship with the company as a distributor more than three
years ago. He has more than 20 years of experience in engineering
consulting, technology sales, product development, and corporate IT
management, including five years as Chief Information Officer at
Kokusai Kogyo. Mr. Minagawa also served as senior education manager for
four years at Sun Microsystems in Japan, where he received the Sun
President’s Award in 2002. He has also held
senior manager positions at Bearing Point and received the coveted
Nikkei Publications Grand Prix award for a large-scale deployment of
SAP.

Solera
Networks