Software-based power solutions maker PowerDsine finished its first closing of a private placement, raising $25 million at a $100 million post-money company value. It intends to raise more before finishing the funding round, its last before going public, says CEO and co-founder Igal Rotem.
The round was led by Deutsche Bank, which placed $15 million.
Existing shareholders also participated, including Vertex Management Israel, Clal Industries & Investments, Poalim Capital Markets, Gmulot, Ampal American Israel Corporation (Nasdaq:AMPL), and the Challenge Fund (Etgar).
In February last year PowerDsine secured $22 million at a post-money company value of $72 million.
Rotem said that the proceeds will enable the company to fully finance all its business plans.
PowerDsine is expected to post $21.7 million revenue this year, 75% more than revenue in 2000, which came to $12.4 million. Sales for the first half of this year came to $9.4 million, and are expected to rise to $12.3 million in the second half.
The company develops products to deliver power over phone lines. Its power-over-LAN technology recently became an international standard after the Institute of Electrical and Electronics Engineers adopted the principles jointly proposed by PowerDsine and Lucent Technologies (NYSE:LU).
PowerDsine was founded in 1995 by Rotem and President Ilan Atias. The company has 150 workers worldwide. It has about 150 customers, among them Nortel (NYSE:NT), Alcatel (NYSE:ALA), Ericsson (Nasdaq:ERICY), Siemens (NYSE:SI), 3Com Corporation (Nasdaq:COMS), Avaya Communications (NYSE:AV), Fujitsu Microelectronics, and Telrad.