Coradiant, Inc.™, a leader in real-user monitoring equipment for data center applications, today announced it has raised $12.7 million in an oversubscribed funding round led by existing investor DCM – Doll Capital Management. DCM was joined by previous investors GrandBanks Capital and Desjardins Venture Capital, and new investor Miramar Venture Partners.
“Coradiant’s technology advantage, strong customer traction, and solid leadership position have enabled the company to capture a commanding share of what we believe is a very significant market opportunity,” said Eric Gonzales, DCM general partner and a Coradiant board member. “The company’s TrueSight products help organizations give their customers the best possible web-based experience by providing the most important, continuous indicator of ongoing performance and usability. I am also very pleased about the recent addition of chief executive officer Brett Helm to the Coradiant team. Brett has a proven track record of creating and driving new product categories and will help the company achieve even greater market success.”
“Coradiant is a strong addition to our portfolio,” said Rick Fink, partner, Miramar Venture Partners. “The company is targeting an important, growing market segment with a critical need for what it offers. As more and more companies use the Internet for business, they are becoming increasingly dependent on being able to continuously monitor and troubleshoot web site performance and usability. Coradiant is the leading company serving this new market, and its session-level networking technology offers unique benefits. Coradiant has already made impressive progress, and we look forward to helping facilitate their continued success.”
Previous user monitoring approaches relied on synthetic sampling which did not provide a complete picture of web site performance. In contrast, Coradiant’s technology enables a new category of easy-to-install data monitoring equipment that is capable of seeing and reporting actual performance as experienced by every user, in each session, in real time. Easy to integrate with enterprise management software (EMS) systems, the equipment features no-risk, drop-in installation, and produces results in less than an hour. Drill-down incident management and analysis can be used to uncover, diagnose and repair even transient, hard-to-find issues in minutes rather than days or weeks.
“I am pleased that Coradiant has received this commitment from both existing and new investment partners,” said Brett Helm, Coradiant chief executive officer. “Coradiant’s TrueSight products are making tremendous differences in how customers like ADP, Hire.com and BrassRing compete in their markets, while proving how important this new product category is for organizations that do business on the Web. Our new funding will enable us to expand our sales and marketing efforts and use our session-based networking technology to explore new product opportunities.”
Founded in 1997, Coradiant initially was a managed service provider that worked on production-grade web applications in some of the world’s most demanding network environments. This expertise gave Coradiant unique insight into Web application performance monitoring requirements and led the company to design and develop the world’s first technology for transparently monitoring, collecting and classifying real-user web sessions, in real time.
About Coradiant
Coradiant’s unique, user-centric approach to datacenter performance monitoring quickly delivers accurate operational information in business-relevant formats. The company’s award winning technology gives IT operations and network managers a real-time understanding of the user’s web experience without the complexity, cost and risk of traditional performance management approaches. For more information please see www.coradiant.com.
About DCM-Doll Capital Management
DCM is a top-performing venture capital firm supporting entrepreneurs building early stage technology companies. DCM manages over $1 billion and has funded leading technology companies including 2Wire, 51job (Nasdaq:JOBS), About.com (Primedia), Foundry Networks (Nasdaq:FDRY), HireRight, Internap (AMEX:IIP), IPivot (Intel), Kabu.com (TSE:8703), nQuire (Siebel), PGP Corporation, Recourse Technologies (Symantec), SMIC (NYSE:SMI), and Sigmatel (Nasdaq:SGTL). DCM offers hands-on operational guidance and access to an extensive network of resources, including close relationships with many of the Pacific Rim’s leading companies and investors. Visit DCM’s Website at www.dcmvc.com.
About GrandBanks Capital
GrandBanks Capital invests in early stage companies located primarily in the eastern part of the United States. With headquarters outside of Boston, the firm was established in partnership with SOFTBANK Corp and has proven investment expertise in information technology, software, Internet and communications, media and financial services, and wireless technologies. The GrandBanks Capital portfolio currently includes, Colubris Networks, Coradiant, CXO Systems, Ember Corporation, Enpocket, GlassHouse Technologies, Incipient, and uLocate Communications.
About Desjardins Venture Capital
Desjardins Venture Capital is the venture capital manager of Desjardins Group. It manages the assets of Desjardins Venture Capital, a limited partnership, the six Desjardins Regional Investment Funds, and Capital régional et coopératif Desjardins, a public fund whose authorised assets are projected to reach $1.4 billion over the next ten years. It is one of the top-ranked and largest venture capital investment firms in Québec. Desjardins Venture Capital makes its network and expertise available to Québec companies in their start-up, growth, expansion, as well as their plans for mergers, acquisitions or public offerings. More than 150 companies are already associated with Desjardins Venture Capital.
About Miramar Venture Partners
Miramar Venture Partners targets technology companies with high growth potential in communications, networking, information storage, processing, security, next generation software, and application services. It seeks companies that are as market-driven as they are technology-driven, have proprietary and defensible technology positions yielding a competitive edge and barrier to entry, and are led by management teams with the experience, dedication and a high sense of urgency to succeed at their endeavors. Visit Miramar ’s Website at www.miramarvp.com
