San Francisco’s Yipes, which provides “managed ethernet services” for corporate customers, said it has raised $24 million more in venture capital.

We hope Yipes’ investors have it right this time. Crosslink Capital, Norwest Venture Partners, JPMorgan Partners and Sprout Group are investing in a company that already went bankrupt once. (In 2002, a second round of investors bought the assets, and started it up again.) And already this second time, Yipes has raised nearly $94 million. With that much, it’ll have to be a home-run to make good money, something that’ll be tough in a telecom sector that moves so quickly. Granted, looks Yipes plans to do some acquiring with the money (sub req), so the business model may make more sense than it first appears. CEO John Scanlon says Yipes will begin making money by the middle of next year.

Combined with the money sunk the first time, the total now invested in Yipes since 1998 is more like $385 million, as Dan Primack points out.