BayPackets Secures $19.5 Million in Series B Financing Led by Lucent Venture Partners.Business Editors/High-Tech Writers FREMONT, Calif.--(BUSINESS WIRE)--July 23, 2001 BayPackets Inc., a developer and marketer of a network independent and carrier-grade system that accelerates network-based voice service implementation and OSS/BSS integration, today announced the company has successfully completed $19.5 million in Series B financing. Founded in February 2000, BayPackets is a privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. based in Fremont, Calif., and has raised $24 million in funding to date. This round of financing, led by Lucent Venture Partners, will enable BayPackets to further expand its engineering, sales and marketing operations as the company prepares to launch its solutions in Q3 2001. "Carriers are under immense market pressures to differentiate their service offerings, grow revenues and minimize costs," said Neil Vasant, Lucent Venture Partners. "This presents a great opportunity for companies who can help carriers meet these needs. With its practical solutions that enable carriers to protect their investments in existing infrastructure while generating immediate revenue streams from new voice services, BayPackets is positioned well to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. this opportunity." Additional investments for BayPackets' Series B came from Blueprint Ventures, Diamondhead Ventures, INC3 Ventures Series I and Mentmore Ventures. Existing investors TeleSoft Partners and Antillion Capital II as well as other private investors also contributed to this round of funding. "Investment dollars today are harder to come by and are only going toward companies that can generate a near-term revenue stream and profitability with long term growth potential," said Yatin Mundkur of Telesoft Partners. "BayPackets has a sound business plan, a seasoned and experienced team that can execute and state-of-the-art solutions that meet a market need -- these are the key ingredients for success." Arming Service Providers to take Advantage of the Multi-Billion Dollar Voice Opportunity Voice still makes up the lion share of the total service revenues for communication services today. 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. JPMorgan, it represents $168 billion in annual revenues for U.S. service providers, compared with only $47 billion for data revenues in 2000. The business voice segment is a rapidly growing market that offers tremendous revenue potential for today's carriers. It accounted for over $50 billion in annual service provider revenues in 2000 and is projected to surpass $70 billion by 2003. BayPackets has developed core network solutions that bridge the gap between the existing circuit-switched infrastructure and next-generation networks. BayPackets' flexible and scalable platform enables service providers to leverage existing circuit-switched networks and OSS/BSS systems to generate immediate incremental revenue streams and accelerate time-to-market of new core network-based services with lower capital, management and maintenance costs. "We believe we have the right solution for an industry poised for long-term growth and securing this second round of funding truly validates BayPackets' vision," said Ken Epps, BayPackets' 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. . "In addition to Lucent Venture Partners, we also had participation from some of the telecommunications industry's other leading firms including Blueprint Ventures and Diamondhead Ventures. These firms bring focused leadership, support and guidance that will help BayPackets to achieve a leadership position in the nascent enhanced voice services market." About Lucent Venture Partners Lucent Venture Partners is a venture capital subsidiary of Lucent Technologies with offices in Palo Alto Palo Alto, city, California Palo Alto (păl`ō ăl`tō), city (1990 pop. 55,900), Santa Clara co., W Calif.; inc. 1894. Although primarily residential, Palo Alto has aerospace, electronics, and advanced research industries. , Calif., Waltham, Mass., Murray Hill Murray Hill may refer to one of the following places:
About Telesoft Partners TeleSoft Partners (www.telesoftvc.com) manages $630+ million in venture capital funds Venture Capital Funds An investment fund that manages money from investors seeking private equity stakes in small and medium-size enterprises with strong growth potential. Notes: focused on next gen communications companies. TeleSoft, headquartered in San Mateo San Mateo (săn mətā`ō), city (1990 pop. 85,486), San Mateo co., W Calif., on San Francisco Bay; inc. 1894. It is a commercial and retail center with some high-technology manufacturing. San Mateo, Spanish for St. , Calif. recently launched offices in Munich, Germany and Tel Aviv Tel Aviv (tĕl əvēv`), city (1994 pop. 355,200), W central Israel, on the Mediterranean Sea. Oficially named Tel Aviv–Jaffa, it is Israel's commercial, financial, communications, and cultural center and the core of its largest , Israel. TeleSoft focuses on nine core segments: Next Generation Carriers, Routing & Switching, Servers & Storage, Transmission & Opto-electronics, Network Termination Network Termination - (NT, NT1) A device connecting the customer's data or telephone equipment to the local ISDN exchange carrier's line. The NT device provides a connection for terminal equipment (TE) and terminal adaptor (TA) equipment to the local loop. , Middleware & Services, Network Applications, Broadband Wireless and Components & Tools. To date, TeleSoft has invested in numerous portfolio companies, including Cerent (acquired by Cisco), ConvergeNet (acquired by Dell), Promatory (acquired by Nortel), VxTel (acquired by Intel), Catamaran catamaran (kăt'əmərăn`), watercraft made up of two connected hulls or a single hull with two parallel keels. Originally used by the natives of Polynesia, the catamaran design was adopted by Western boat builders in the 19th cent. (acquired by Infineon), Versatile (acquired by Vitesse), Lara (acquired by Cypress), Cosine (COSN), Triton (TNSI TNSI Transaction Network Services Inc. TNSI The Natural Step International ), and Vina (VINA). TeleSoft's value added network (networking) Value Added Network - (VAN) A privately owned network that provides a specific service, such as legal research or access to a specialised database, for a fee. A Value Added Network usually offers some service or information that is not readily available on public includes its General Partner Team, Senior Industry Network, Corporate Partners and Portfolio Company Network. About Blueprint Ventures Blueprint Ventures is a San Francisco Bay San Francisco Bay, 50 mi (80 km) long and from 3 to 13 mi (4.8–21 km) wide, W Calif.; entered through the Golden Gate, a strait between two peninsulas. Area-based early-stage venture capital firm focused exclusively on emerging communications companies delivering next-generation Internet infrastructure components, systems, services and communications software across all transmission pipes, including optical, cellular, wireless and next-generation wireline infrastructure. The Partners of Blueprint Ventures have more than 100 years of combined operating and investing experience. Current portfolio companies include Atreus Systems, Avail Networks, BayPackets, CopperCom, infolio, MobileStar, Oresis, ShareGate, Teja Technologies and Tunable Photonics. Prior to founding Blueprint Ventures, the Partners invested in more than 60 technology start-ups including Compaq, Copper Mountain, Covad, Excite@Home, GlobeSpan, Media Metrix, N2K, Tut Systems and XROS. Additional information is available at www.blueprintventures.com. About Diamondhead Ventures Diamondhead Ventures (DhVen) is an early-stage venture capital fund specializing in bringing to market information technologies spinning out of corporations and leading research universities. The Fund, which manages $140 million in committed capital, focuses on Internet infrastructure and business-to-business technologies. DhVen's investment partners offer portfolio companies' executives a hands-on consultative approach to support all areas of business operations. Founded in 2000, DhVen is headquartered in Menlo Park, Calif. For more information, visit www.dhven.com. About BayPackets Headquartered in Fremont, BayPackets Inc., develops and markets a network-independent and carrier-grade system that simplifies the complexity of service introduction and implementation. BayPackets' solution enables telecom service providers to leverage existing infrastructure and OSS/BSS systems to rapidly deploy, manage, and bill for network-based revenue-generating services across heterogeneous networks. BayPackets' evolutionary system enables carriers to evolve their service offerings, enhance revenues/margins, and enrich their customers' experience. Founded in February 2000, BayPackets is a privately held company and has received funding from some of the telecommunications industry's most high-profile venture capital firms Name Location Founding date Managing Partners/Directors Specialty Capital managed 5AM Ventures Menlo Park, CA; Waltham, MA 2002 John Diekman, PhD (managing partner), Scott Rocklage, PhD (managing partner), Andrew Schwab (managing partner) life sciences $200M [1] including Lucent Venture Partners, Telesoft Partners, Diamondhead Ventures, Blueprint Ventures and Antillion Capital II. For more information visit BayPackets at www.baypackets.com or call 510/743-2500. BayPackets is a registered trademark of BayPackets Inc. All other company names may be trademarks of the respective companies with which they are associated. (c) 2001, BayPackets Inc. All rights reserved. |
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