Aperto Networks Captures $22 Million in Series C Funding.Business Editors/High-Tech Writers MILPITAS, Calif.--(BUSINESS WIRE)--Dec. 16, 2002 Investment will help fuel volume delivery of company's broadband access See broadband and wireless broadband. solutions among North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. , Asian, European and Latin American carriers Aperto Networks, a leading provider of new-generation broadband wireless See wireless broadband. access systems, today announced it has closed $22 million in Series C equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. , bringing the company's total financial backing to $57M. Canaan Partners led the round, with significant participation from existing investors Alliance Ventures, Innovacom, Tyco Ventures and Satwik Ventures. The new round will help Aperto expand its deployments well beyond the base of 32 service providers in 22 countries accomplished within the past 12 months. This extensive base of fixed wireless deployments now serves thousands of small and medium-sized enterprises (SMEs) in Europe, the Americas and Asia, and provides a strong foundation for Aperto's expanded role in broadband broadband Term describing the radiation from a source that produces a broad, continuous spectrum of frequencies (contrasted with a laser, which produces a single frequency or very narrow range of frequencies). convergence, including backhaul solutions in Wi-Fi (IEEE (Institute of Electrical and Electronics Engineers, New York, www.ieee.org) A membership organization that includes engineers, scientists and students in electronics and allied fields. 802.11) hotspot and mobile networks. "Aperto's innovations have ignited ig·nite v. ig·nit·ed, ig·nit·ing, ig·nites v.tr. 1. a. To cause to burn. b. To set fire to. 2. To subject to great heat, especially to make luminous by heat. new carrier business models by greatly increasing the capacity, coverage and cost-effectiveness of fixed broadband wireless networks," according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Deepak Kamra, general partner with Canaan Partners. "Providers are realizing both profits and high customer satisfaction with Aperto's IP-rich and robust systems. With its clear performance advantage, Aperto is well-poised for market leadership." Kamra now joins the Aperto Networks board of directors. "Our success in building a worldwide carrier base and demonstrating a strong growth path have been key to attracting this round of investors," said Aperto CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , chairman and founder Reza Ahy. "We solidly executed on our business plan with pragmatic resource management. The PacketWave(R) solution has proven its viability as a carrier-class and business-grade network technology, and serves as a key element in broadband convergence. We look forward to extending our product reach from fixed broadband access for SMEs and SOHOs to the delivery of key solutions for Wi-Fi hotspot and cellular network backhaul." About Aperto Networks Aperto Networks is a leading provider of multiservice broadband wireless access systems for global markets. The company was founded to provide a breakthrough solution to one of today's critical network bottlenecks - last-mile broadband access. Aperto's practical, scalable systems and patent-pending technologies support new wireless builds and complement existing wireline broadband access technology. Shipping to carriers since 4Q 2001, the company has delivered commercial systems to over 20 countries, meeting their need for rapid network deployment, multiservice scalability, ease of installation, IP-rich network functionality, and cost-effectiveness. Aperto dramatically shortens the lengthy provisioning cycles for broadband services See broadband and broadband service provider. by enabling rapid service provisioning across dense urban to suburban locations. Investors in Aperto include Alliance Ventures, Canaan Partners, Tyco Ventures, Innovacom (France Telecom), Stratex Networks, Oki Electric Industry Company, Mitsubishi International Corporation, Ridgewood Capital, Satwik Ventures and Redwood Ventures. For more information on Aperto Networks, go to www.apertonet.com. About Canaan Partners Founded in 1987, Canaan Partners is a leading venture capital firm with seasoned investment professionals and a deep focus on communications, software and life sciences opportunities. Canaan General Partners have extensive operating experience in manufacturing, finance, strategic planning Strategic planning is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy, including its capital and people. , investment banking and legal affairs, enabling the team to provide portfolio companies with an unusually broad range of managerial and operational guidance. The majority of the firm's General Partners have worked together since 1983. Canaan currently manages $2B in investment capital. For more information, contact www.canaan.com. |
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