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Byline: Lou Whiteman
Following a checkered 18-month period in which Aventail Corp. changed its business plan, scrapped an initial public offering and laid off nearly 20% of its workers, the Seattle company has landed $48 million in Series E financing it says will finally make it profitable.
The software-maker-turned-service-provider secured the funding, one of the year's biggest, in a round led by Oak Hill Capital Partners and GRP Partners and supported by new investors Focus Ventures, Alliance Capital, Essex Corp. and Exodus Communications Inc.
Existing shareholders that participated include Fidelity Ventures, Madrona Venture Group, Trinity …