Neopolitan Networks, a Palo Alto, Calif. Ethernet network service provider, has raised $3.17 million in a first round of funding.

Topspin Partners and OakStone Ventures co-led the deal, according to the company’s statement.

The company delivers WAN and MAN communications services.

According to Infonetics, a Campbell, CA-based market research and consulting firm, the worldwide Ethernet services market is expected to grow 280 percent from $5.9 billion in 2005 to $22.5 billion by 2009, the company said in its statement.

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