Mesh networking company PacketHop, of Redwood City, Calif., has cut half its staff, and has agreed to an investment from SRI that could lead to significant changes in its management, according to VentureWire (subscription required).
PacketHop develops software that turns mobile devices into virtual Wi-Fi access points, but it has faced competition from bigger players such as Cisco and Motorola.
U.S Venture Partners, GF Private Equity Group, Mayfield and ComVentures are all existing investors. The company has previously raised about $25 million.
Tags: co:Comventues, co:Packethop, deal, inv:GF-Private-Equity-Group, inv:Mayfield, inv:SRI, inv:US-Venture-Partners
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