Semiconductor start-up secures first-round funding from
Battery Ventures; Initiates development of Internet security chips
Corrent Corp., a semiconductor start-up company founded by a group of leading visionaries in the Internet security field, Monday announced the formal launch of its operations and the opening of its headquarters in Tempe.
The company is developing a family of high-performance security processors based on a new patent-pending architecture designed specifically for securing the exchange of private Internet information in next-generation optical network systems.
Corrent’s advanced architecture is optimized for line-rate performance, eliminating significant bottlenecks associated with using software or today’s silicon encryption solutions that are being re-purposed for high-speed networks.
“Fiber optic technology is enabling the transmission of tremendous amounts of information across the Internet at extraordinary speeds but the technology to ensure that information is secure has not kept pace and is creating significant performance bottlenecks,” said Richard Takahashi, president and chief executive officer of Corrent Corp.
“We are breaking those bottlenecks by developing an entirely new family of Internet security processors with an architecture that marries the full power of IP packet processing with line-rate performance.”
Corrent is currently designing a unique line of Packet Armor(TM) processors for Internet Protocol Secure (IPSec) transmissions and a family of Socket Armor(TM) processors that will accelerate e-commerce transactions using secure socket layer (SSL) standards.
The company’s single-chip solutions will set a new standard in maximum network transparency, delivering encryption at data rates of a gigabit-per-second and greater with minimal system impact. This will greatly simplify network system design considerations such as heat, power consumption and space constraints. Details and availability of products will be announced later this year.
The company was founded by three experts with decades of directly related experience in the encryption and network security fields where they served some of the world’s leading security and semiconductor companies and organizations.
Takahashi has over 16 years of senior management experience at companies including Intel, VLSI and TRW. Takahashi co-founded Mykotronx, a crypto-development company that was later sold to Rainbow Technologies. Hemanshu Bhatnagar, vice president of engineering, and Satish Anand, chief technical officer, have a combined four decades of experience in the ASIC and security fields.
Corrent is bringing together the best talent in the security and semiconductor industry to develop a progressive, fast growing and innovative company that establishes new standards in high-performance security solutions for next-generation network systems.
With a focus on the demands of the industry and the needs of its customers, Corrent currently employs more than 30 seasoned professionals in its new 12,000 square-foot headquarters in Tempe, and has aggressive plans to grow its engineering, sales and marketing teams.
Corrent is strategically positioning itself into the right space at the right time. Semiconductor industry analyst Jeremy Donovan of market research firm Dataquest forecasts that the security processor market will grow at over a 75 percent compound annual growth rate (CAGR), reaching a market opportunity size of more than $750 million by 2004.
“The growing optical Internet infrastructure and speed will drive the need for security and encryption technologies at the hardware level,” said Donovan.
Corrent secured $9.5 million in first-round funding from Battery Ventures, and other senior executives in the networking, semiconductor and security fields.
Battery Ventures, a leading venture firm specializing in early stage technology, invests globally in private companies within the communications, software and Internet/e-Business sectors and has earned a reputation of guiding the emergence of many of the world’s most successful technology companies including Akamai, Qtera and Pixelworks.
About Corrent Corp.
Corrent Corp. is a semiconductor company focused on providing network system designers with the highest quality security chips at fiber optic speeds.
Corrent’s Internet data security and acceleration processors are based on an advanced architecture optimized for maximum network transparency that eliminates traditional processing bottlenecks associated with the secure exchange of IP data through virtual private networks (VPNs) and business-to-business transactions.
Unlike traditionally architected software and hardware solutions, Corrent’s security chips provide greater speed, scalability and compatibility with the industry’s evolving fiber-optic security standards. For more information visit: http://www.corrent.com.
About Battery Ventures
Battery Ventures is one of the world’s largest venture capital firms specializing in early stage technology investments. With a team of over 50 experienced professionals, Battery leverages its bandwidth, industry expertise, and capital to actively guide emerging technology companies to category dominance.
Since 1983, the firm has invested worldwide in over 130 companies across the communications, software and Internet/e-Business industries. From its offices in Wellesley, Mass. and San Mateo, Calif., the partnership manages over $1.8 billion in committed capital. For more information or to submit a business plan, visit www.battery.com.