Fremont startup raises $26 million

San Francisco Business Times, Feb 2, 2004

Fremont network security startup iPolicy Networks said Monday it raised more than $26 million in an early financing round. The privately held company said the money will fund its expansion into the enterprise market. The company 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 all shares held by Duet's previous backers: Greylock, Morgan Stanley Venture Partners and Technology Crossover Ventures.