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High-speed start-up snags $100 million

Pluris, a networking start-up that is building high-speed networking devices to compete against Cisco and Juniper, raises $100 million in additional funding.

Pluris, a networking start-up that is building high-speed networking devices, announced Thursday it has raised $100 million in additional funding.

Pluris, which raised $67 million in three previous rounds of funding, is hoping to compete against networking giant Cisco Systems, Juniper Networks, start-up Avici Systems and others in the exploding market for high-end networking equipment that allows carriers and service providers to ship Net traffic at high speeds.

The 3-year-old start-up, which plans to ship its first products in the 2001 first quarter, received the additional $100 million from two dozen investors, including Sands Brothers, Lightspeed Venture Partners, Global Crossing Ventures, Banc of America Securities and Samsung.

Pluris will use the additional funding to continue to develop its products and to create a worldwide sales organization, company executives said.

Pluris, as well as more established companies such as Alcatel, Foundry Networks and Lucent Technologies, is tackling a market for high-end routing devices that is expected to reach $2.1 billion in sales this year and $12 billion by 2003, according to market research company RHK.

Cisco and Juniper are the two leaders in the market, with Cisco grabbing 75 percent of sales in the 2000 second quarter and Juniper capturing 22 percent, according to market research firm Dell'Oro Group.