WaveSmith Networks is expected to announce next week it has raised $31 million in a second round of funding, which was led by Fidelity Ventures. Previous investors participating in the round include Bessemer Venture Partners, Atlas Venture and Commonwealth Capital. Acton, Mass.-based WaveSmith has raised a total of $54 million and plans to use its latest proceeds for further development of its network-switching hardware. The company's switching products are designed to help carriers enlarge their networks at a faster pace.
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