Packet Engines Ships First Products
Packet Engines Inc. has shipped its first products in June, and produced $1.1 million in revenues for the second quarter of the current fiscal year.
The high-tech start-up, founded by president and chief executive Bernard Daines in late 1994, builds hardware that enables computer networks to exchange information 10 times faster than the current industry state of the art.
The Spokane-based, privately-held company, is in a race with more than 20 other start-up firms to capture the emerging market for high-speed computer network products. It has established its leadership in the race on a variety of fronts, including the securing of $24.5 million in venture capital funding during the past year.
Now, it is among the first to begin delivering products to those markets.
The $1.1 million in sales “exceeded our plan for the quarter,” according to Peter A. Price, Packet Engines’ chief financial officer.
, DataTimes