is closing down only two weeks after its shareholders provided it with a $6.2 million bridging loan.
Just recently the press reported negotiations to sell RadGuard to
, a spinoff from
RadGuard was founded in 1994. The company developed hardware-based security solutions for virtual private networks, enabling distant users to safely transfer information. The company's main investors are
, the Japanese funds
and NIF Ventures,
, the China Development Investment Bank,
, Tamar Technology Ventures,
, and the Zisapel brothers Zohar and Yehuda.
The company last raised financing at the end of 1999, securing $15 million at a company value of $60 million. Most of the company's 80 workers will apparently be given new positions in other RAD group firms.
RadGuard has headquarters in Tel Aviv and offices in Mahwah, New Jersey, Bedford, Massachusetts, and San Francisco.