Wednesday, May 31, 2006

Yipes Secures $17.5 Million in Funding to Accelerate Growth

Yipes Enterprise Services raised $17.5 million in fourth round funding, including a $9 million line of credit from SVB Silicon Valley Bank and additional Series D funding of $8.5 million from existing Yipes investors, Crosslink Capital, Norwest Venture Partners, JPMorgan Partners, LLC and Sprout Group, a venture capital affiliate of Credit Suisse. In total, Yipes has raised $106 million in equity since July 2002.

Yipes said the funding will be used to accelerate the rollout of its enterprise Ethernet services, expansion into new markets, as well as for the development of new products. The company said it has crossed the 700 customer milestone.

The Yipes network has more than 14,000 fiber route miles and reaches most major cities in the U.S. Yipes' global presence includes an expanding commitment to the U.K., Europe and the Pacific Rim, including current locations in London, Tokyo and Hong Kong.