Sunday, April 10, 2005

Yipes Raises $24 Million for Ethernet Services

Yipes Enterprise Services raised $24 million in series C round funding led by San Francisco-based Crosslink Capital, along with existing Yipes' investors Norwest Venture Partners, JPMorgan Partners, LLC and Sprout Group, a venture capital affiliate of Credit Suisse First Boston.

Yipes said the new round of funding exceeds its financial requirements to reach positive cash flow in 2006. In total, Yipes has raised nearly $94 million since July 2002.

Yipes provides uniquely scalable Ethernet services in the major metros in the U.S. and U.K. Additionally, Yipes has interconnected its metros using its MPLS-enable backbone to offer national and global area network services.

During the past two years, Yipes has tripled its customer base to more than 600 customers.