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Jato Communications, a digital subscriber line provider, has raised $27.5 million in a private placement of preferred stock. The company's investors include Lucent Technologies, the Mayfield Fund, Crest Communications Partners, CEA Capital Partners, ABN AMRO Capital, and TCI Satellite Entertainment. Jato, which plans to offer high-speed Internet access in smaller metropolitan markets, will soon for an initial public stock offering, according to industry sources.