Artel Secures $10.5 Million in Investment Funding, Fuels Continued Expansion of Broadband Networking Product Line.Business/Technology Editors MARLBOROUGH, Mass.--(BUSINESS WIRE)--Nov. 10, 2000 Funding to help Artel Artel (Russian: арте́ль) is a general term for various cooperative associations in Russia, historical and modern. deliver its next generation of video networking solutions to cable television and telecommunications service providers The investment community has demonstrated its belief in Artel and the conviction that the rich media infrastructure market is a burgeoning opportunity. Nine leading technology investment firms, including investors from previous rounds of financing, have invested $10.5 million dollars in Artel for development of its next generation of video switching platform technology. Liberty Mutual and Boston University's Community Technology Fund were key new investors in this latest round of financing. All institutional investors re-invested including Cornerstone Equity Investors, Atlas Venture Atlas Venture is an international early-stage venture capital firm that invests in communications, information technology, and life sciences companies. Atlas Venture has investing offices in Boston, London, Munich, and Paris, and its investments are evenly divided between the , BancBoston Capital, Charles River Charles River River, eastern Massachusetts, U.S. The longest river wholly in the state, it flows into Boston Bay after a course of about 80 mi (130 km). Navigable for about 7 mi (11 km), its estuary separates the cities of Boston and Cambridge. Ventures, Commonwealth Capital Ventures, New England New England, name applied to the region comprising six states of the NE United States—Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut. The region is thought to have been so named by Capt. Partners, and Massachusetts Capital Resource Co. "With this additional investment and our strong product portfolio, we are well positioned to meet market demand and pursue development of our next generation of product solutions," said Artel CFO See Chief Financial Officer. Paul Murphy. Artel recently released the Cross Stream product, a packet-based MPEG (Moving Pictures Experts Group) An ISO/ITU standard for compressing digital video. Pronounced "em-peg," it is the universal standard for digital terrestrial, cable and satellite TV, DVDs and digital video recorders (DVRs). video switching platform for access to ATM and IP networks. "The Cross Stream is the first in a series of planned products that employ broadband video distribution technology to deliver digital and interactive TV services to the consumer," said President and 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. Hal Charnley. "Artel is uniquely positioned to succeed in the rich media infrastructure market. We have exciting times ahead." About Artel Video Systems Artel provides video networking systems to cable TV and telecommunications service providers who need to satisfy the consumer's ever growing appetite for broadband digital entertainment. Artel's products are transforming the world's networking infrastructures by enabling the transmission of broadcast and interactive TV over standards based multi-service networks. Artel is headquartered in Marlborough, Massachusetts, USA, with sales and service centers worldwide. Further information about the company is available on the World Wide Web at www.artel.com. |
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