GigaFin Networks, struggles, tries new direction: firewalls

GigaFin Networks, a struggling Cupertino, Calif, company, has raised a $10 million in more capital, to restart the company in a new direction. It is giving up making chips and has developed a new kind of firewall instead.

See the company’s original announcement here about its new network product.

The announcement is somewhat misleading, because the company says it is already a “leading” provider of internal network traffic management products, which can not possibly be the case since it just announced its product in October and there are many larger companies offering the same thing.

The company’s original investors are backing the company.

These include Incubic Venture Capital, Sevin Rosen Funds and Worldview Technology Partners according to VentureWire (subscription required), which first wrote about the funding this morning.

GigaFin was originally called Mistletoe Technologies when it launched in 2002, making networking chips, but it was too complicated for customers to use.

It is now selling low-power, low-cost firewall devices. So far, the company has raised $35 million.

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Matt launched VentureBeat in September of 2006, with the realization that no one else was covering the entrepreneurial and tech innovation scene with the velocity or depth that he was. Prior to founding VentureBeat, he covered venture capital for the San Jose Mercury News from 2001 to 2006. In 2002, Matt was awarded "Journalist of the Year" by the Northern California Society of Professional Journalists. Prior to working at the Merc, he was a correspondent for the Wall Street Journal in Bonn, Germany from 1995 to 1998, and a writer for the Washington Post in 1994. Matt holds a PhD in Government and an MA in German and European Studies from Georgetown University. In addition to VentureBeat, Matt is also the Executive Producer of DEMO, the leading launchpad event for emerging technologies.

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