- December 10, 2001 - Silicon Valley Bank (the "Bank"), a wholly owned subsidiary of Silicon Valley Bancshares, announced that it provided Myrica Networks, Inc. (Myrica Networks) with a $3 million capital term loan.
San Diego-based Myrica Networks, a communications networking company, will use the financing to purchase equipment and software.
"This financing from Silicon Valley Bank demonstrates confidence in our management team and business plan," said Sreen Raghavan, chief executive officer of Myrica Networks. "We are pleased to work with an experienced financial institution that will help us as we grow our company."
"Myrica is poised to become a leader in the communications networking industry," said Jeff Huhn, senior relationship manager in Silicon Valley Bank's San Diego office. "The company has demonstrated excellent growth potential with a seasoned management team." About Myrica Networks, Inc.
Myrica Networks combines advanced communication algorithms, Digital Signal Processing (DSP) architectures, and custom VLSI design techniques to develop proprietary silicon solutions that alleviate bandwidth bottleneck problems in next generation communication networking systems. Target applications include high speed communication switching, routing, and storage area networking. About Silicon Valley Bank
Silicon Valley Bank serves emerging growth and middle market companies in targeted niches, focusing on technology and life sciences, while also addressing other specific industries in which it can provide a higher level of service and better manage credit through specialization and focus.
The Bank operates throughout the Silicon Valley: Fremont, Santa Clara, Palo Alto and Sand Hill, the center of the venture capital community in California. Other regional offices within California include: Irvine, Los Angeles, Napa Valley, San Diego, San Francisco, Santa Barbara, and Sonoma. Office locations outside of California include: Phoenix, Arizona; Boulder, Colorado; West Palm Beach, Florida; Atlanta, Georgia; Chicago, Illinois; Boston, Massachusetts; Minneapolis, Minnesota; New York, New York; Durham, North Carolina; Portland, Oregon; Philadelphia, Pennsylvania; Austin, Texas; Dallas, Texas; Northern Virginia; and Seattle, Washington. More information on the Bank can be found at www.svb.com
. SVB Contacts:
Andrea McGhee, (408) 654-3078, email@example.com or Jeff Huhn, (858) 784-3306