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Network appliance maker seals $14.3 million

Packet Design announced Wednesday that it raised nearly $14.3 million in a first round of funding, led by Advanced Technology Ventures and Mayfield Fund. The other investors were Allegis Capital, Masthead Venture Partners and the company's former parent company, Packet Design LLC. Palo Alto, Calif.-based Packet Design develops network appliances designed to improve reliability, efficiency and predictability of IP networks.