Gridpoint raises $8 million

Gridpoint Systems raises US$8 million in its Series-A funding round. The Ottawa company, which makes Ethernet traffic engineering and management solutions, emerged from stealth mode with a capital boost from investors including Skypoint Capital, BDC Venture Capital and Gridpoint’s founders. The funds will be used to develop Gridpoint’s products and bring them to burgeoning carrier Ethernet market. Gridpoint Systems makes products which increase the efficiency of carrier Ethernet switch routers (CESRs) and packet optical transport system (POTS) deployment, accelerating Internet network speed. A report by Infonetics Research notes CESR revenues alone were US$9.6 billion US in 2006 and are forecasted to reach $13 billion by 2010.

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