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Crescent Networks shuts down

Crescent Networks, the Lowell, Mass.-based vendor of edge routing equipment, has closed its doors, according to the company’s Web site.

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A message posted on the site reads, “Although the company’s product won Best of Show at Supercomm and tested very well in tier-one service provider labs, the adverse market environment and lack of additional funding has forced the company to close.”

Founded in 1999 by former Lucent Vice President Gerald Wesel, Crescent attracted $66 million in venture capital from firms including St. Paul Venture Capital, Jafco Ventures and Venrock Associates.

The company’s flagship product was the VRX-1000, an edge router based on dense virtual routing technology. It had been tested by carriers such as BT Exact, Telecom Italia, Italtel, NTT and Allegiance Telecom.

The company is now looking to sell its intellectual property, according to the Web site.

Crescent representatives were not immediately available for comment.

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