Telecom data migration service provider Hammerhead Systems announced last week it raised $25 million in a Series B round of funding. The round brings its total capital raised to $43 million.
The company operates as a data communication equipment vendor for the telecommunications market.
New Investor Pequot Ventures led the Series B round, which also included previous investors Foundation Capital, Enterprise Partners and Mayfield.
The Series B is an up round. The company would not disclose the post-money valuation but acknowledged that the three previous investors invested pro-rata.
Hammerhead also announced that Pequot Ventures General Partner Greg Rossmann joined its board of directors, alongside Mayfield’s Kevin Fong, Foundation’s Adam Grosser and Enterprise Partners’ William Stensrud.
The Mountain View, Calif.-based company closed on $15 million in an oversubscribed round in April 2002, led by Foundation, which invested equally with Enterprise Partners and Mayfield. Lighthouse Capital provided another $3 million this past summer when the company officially launched.
Hammerhead has put the capital to work hiring engineers for further product development.
Hammerhead is in trials with two potential customers and plans to officially release its product and begin generating revenue this year. The company expects to be profitable in 2005.
Hammerhead was founded in 2002 by Rob Keil, a former Cisco and StrataCom executive and John Yu, a former SBC executive.