2002 — March

Cranite Systems Closes Series B with $2.1 Million — Venture Wire

SAN JOSE, CALIF. -- Cranite Systems, a provider enterprise software for securing, managing, and mobilizing local wireless networks, has raised $2.1 million in its Series B round of funding, Greg McNulty, president and CEO told VentureWire.

Previous investor Selby Venture Partners led the round with participation from other previous investors, Industry Ventures and H&Q Asia Pacific, and new investor Pacifica Fund.

Mr. McNulty said the company will use the new funds to complete the next release of its WirelessWall software, version 1.1, and for sales and marketing. The company plans to ship the new version later this year.

Cranite, which has 16 employees, plans to increase its staff to 40 by the end of this year.

Cranite's vice president of marketing, Scottt Lucas, said the funding will last through the end of the year and the company plans to go out for a Series C round of funding. While Cranite would not disclose a specific quarter for reaching profitability, Mr. Lucas said it would be within "the next couple of years."

Founded in August 2000, Cranite raised $2 million in its Series A round in November 2000.