Cayman Secures Financing From Charles River Ventures; Names Four New Directors to Board.Business/Technology Editors STONEHAM, Mass.--(BUSINESS WIRE)--Dec. 21, 1999 Company Well-Positioned To Meet DSL DSL in full Digital Subscriber Line Broadband digital communications connection that operates over standard copper telephone wires. It requires a DSL modem, which splits transmissions into two frequency bands: the lower frequencies for voice (ordinary Market Needs Cayman, a provider of DSL and broadband access See broadband and wireless broadband. solutions, today announced that the Company has secured $5 million in private placement financing from 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. Cayman will use the funding to expand its product line and enhance sales and marketing efforts. In the area of telecommunications, Charles River has invested in high-growth companies such as Concord Communications, Sybase and Be Free. With the financing, Cayman named to its Board of Directors; Richard Burnes, co-founder and General Partner at Charles River Ventures, John Robert Held, formerly 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. of Chipcom Corporation, Rakefet Kasdin, formerly executive vice president with 3Com Corporation, and Mitchell Kelly Chairman of the Board of Anaconda Anaconda, city, United States Anaconda (ănəkŏn`də), city (1990 pop. 10,278), seat of Deer Lodge co., SW Mont.; inc. 1887. Capital. "Financing from one of the top tier 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] is a strong endorsement of Cayman's phenomenal growth potential," said Heidi Clark, CEO of Cayman Systems. "The financial backing, along with a new Board, management team and innovative technology, provides Cayman with the money, people and marketing infrastructure to successfully 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>. the exploding broadband and wireless market and take a leadership position," said Clark. "Cayman's products are strategically positioned to meet the market demand for a fast, gateway solution to the Internet," said Mr. Burnes. "As a Board member, I look forward to having the opportunity to contribute to the Company's accelerated growth." As President and CEO of Chipcom Corporation from 1988 until 1995, Rob Held was responsible for directing Chipcom, a leader in multifunction intelligent switching systems Switching systems (communications) The assemblies of switching and control devices provided so that any station in a communications system may be connected as desired with any other station. , to a successful public offering, increasing Chipcom's annual revenues from $6.7 million to $269 million in seven years. In 1995, Chipcom was sold to 3Com Corporation. Rakefet Kasdin serves as a business strategy consultant for technology companies in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and New Jersey. She was formerly Vice President, executive in residence, reporting to the Chairman and President of 3Com Corporation. In this role, she led strategic and operational transformational initiatives, including evaluating new business opportunities. Prior senior executive positions at 3Com included Vice President and General Manager of the Ethernet Products Division and Vice President of Marketing of the Desktop Products Division. Mitchell Kelly is the Chairman of the Board, Chief Executive Officer and Managing Partner of Anaconda Capital Management L.L.C., a private equity partnership that focuses on special situation equity investments. Kelly has also held executive management positions at Gallatin Partners, L.P. and Junction Advisors. About Charles River Ventures Founded in 1970 and based in Boston, MA, Charles River Ventures is one of the nation's leading early-stage venture capital firms. Focusing on high-potential start-up companies start-up company A new business. in the communications, software, and e-commerce and info-services industries, CRV CRV Curve CRV Crew Return Vehicle (NASA) CRV California Redemption Value CRV Cassa Di Risparmio Di Vignola (Italian bank) CRV Call Reference Value (telecommunications) has organized nine funds, totaling $565 million, funding more than 235 companies. For more info, please visit the CRV website at www.crv.com. About Cayman Cayman Systems Inc., is the premier provider of high-speed broadband solutions that bring next-generation Internet connections to the home and small office markets. Selected as Mass Telecom Council's 1999 "Small Company of the Year," Cayman's products - high-performance routers with integrated DSL or cable modems - provide a secure, affordable, and easily configured gateway to the Internet. Since 1987, Cayman has formed partnerships and strategic business alliances with the world's leading Internet suppliers and service providers. For more information, visit Cayman's web site at www.cayman.com. Cayman Inc. and the Cayman logo are trademarks of Cayman Systems, Inc. All other trademarks, brand and product names are the property of their respective holders. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion