Covaro Networks Raises $25.3 Million for Ethernet Services Mgt.

Covaro Networks, a start-up based in Richardson, Texas raised $25.3 million in Series B funding for its Ethernet services management system. Covaro develops products that address hybrid networks containing both Ethernet and traditional T1/T3 based services. Covaro's unique Etherjack functionality allows carriers (or enterprises) to transport and manage Ethernet services using traditional management methods to reduce turn-up, test and maintenance costs. The new funding round was lead by Centennial Ventures -- a new Covaro investor with offices in Denver, Colo., and Austin and Houston, Texas. Participation also came from existing investors CenterPoint Ventures, InterWest Partners and Sevin Rosen Funds. This comes in addition to first-round funding that netted the company $16.7 million. http://www.covaro.com