Fremont startup raises $26 million

East Bay Business Times, Feb 2, 2004

iPolicy Networks, a Fremont startup the provides network security systems, has raised more than $26 million in an early-stage round of venture capital financing.

In a statement Monday, the privately held company said the financing round will fuel its expansion into the enterprise market "with a complete line of unified and adaptive security systems." iPolicy was formed in January 2000 through the merger of Duet Technologies of India and TunnelNet.

The online newsletter VentureWire said the financing round - led by WK Technology Fund, Clearstone Venture Partners and Dali Hook Partners - bought out all shares of the company previously held by Greylock, Morgan Stanley Venture Partners and Technology Crossover Ventures, which had all previously backed Duet.