Artel Video Systems Receives $4.4 Million in Additional Investment From Key Shareholders.Business/Technology Editors MARLBOROUGH, Mass.--(BUSINESS WIRE)--Jan. 23, 2002 Funding will bolster Artel's technology development plans for interactive TV and video-on-demand applications The investment community has demonstrated its belief in Artel Artel (Russian: арте́ль) is a general term for various cooperative associations in Russia, historical and modern. 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. Institutional investors included Cornerstone Equity Investors, 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, Massachusetts Capital Resource Co., Liberty Mutual and Boston University's Community Technology Fund. "This additional investment will enable Artel to complete it's goal of developing the next generation of video transport solutions that will play a critical role in the delivery of content-on-demand services that are rolling out today and build a foundation for the future of interactive TV," said Artel 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. About Artel Video Systems Artel provides video networking systems to cable TV and telecommunications service providers A Telecommunications Service Provider or TSP is a type of Communications Service Provider that has traditionally provided telephone and similar services. This category includes ILECs, CLECs, and mobile wireless companies. 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 Marlborough is a city in Middlesex County, Massachusetts, United States. The population was 36,255 at the 2000 census. The name of this town is sometimes spelled as Marlboro, rather than Marlborough, which is the official spelling. , 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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