MORRISVILLE ,LVL7 Systems, which was seeking $10 million, has exceeded its goal by more than 50 percent in securing $15.8 million in an oversubscribed, Series B round of funding.

The latest round was led by Carlyle Venture Partners, the venture arm of The Carlyle Group. Previous investors Gabriel Ventures Partners, H.I.G. Ventures and Research Triangle Ventures also contributed to the financing.

“We are pleased to attract a venture firm of the caliber and international scope of Carlyle in this challenging financial climate,” said LVL7 CEO Albert Bender. “This new funding positions LVL7 to become the premier provider of merchant IP software worldwide.”

LVL7 says it will use the funds to support the growth of its enterprise, access and metro merchant IP software business and to continue the development of advanced software features to address new market opportunities.

“The Carlyle Group believes that LVL7 is a leader in a market experiencing explosive growth,” said Brian Hayhurst, managing director at Carlyle. “The company’s experienced management team, its proven, feature-rich, high-quality software and the significant customer traction are all indicators of its current and future success. Carlyle looks forward to using our global resources to aid in LVL7’s planned expansion in Europe and Asia.”

Since its September 2002 funding announcement of $8.5 million, LVL7 has forged alliances with many Ethernet silicon vendors and has integrated its flagship FastPath software on Broadcom, Infineon, Intel, Marvell and SwitchCore technologies.

Morrisville-based LVL7 also has gained customer traction globally and recently announced a design win with NetGear, which is using the FastPath software solution.

“Network equipment vendors are under pressure to improve profitability, and they are using LVL7’s robust software products to help them do just that,” said Philip Summe, general partner at Gabriel. “From the financial community viewpoint, this clear market opportunity for merchant networking software combined with LVL7’s traction — has created investor demand.”

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