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Networking firm receives $20 million

Networking company Mangrove Systems announced Tuesday it raised over $20 million in its first round of funding. Companies participating in the round were Bessemer Venture Partners, Highland Capital Partners, Columbia Capital and Silicon Valley Bank. Mangrove Systems, based in Wallingford, Conn., was founded by Jonathan Reeves, the company's chief executive. Reeves also founded Sahara Networks, which was acquired by Cascade Communications for over $200 million, and then later created Sirocco Systems, another networking company, acquired by Sycamore Networks in a deal valued at $3 billion in 2000. Mangrove Systems said it is developing a networking switching system to allow telecommunications carriers to migrate their existing infrastructures to next-generation protocols without expensive upgrades.