Cayuga Venture Fund Invests $2 Million in InSciTek Microsystems; Total investment in InSciTek exceeds $18 million.FAIRPORT, N.Y. -- InSciTek Microsystems today announced that it has received a $2 million investment from Cayuga Venture Fund, bringing the total investment in the company in excess of $18 million. InSciTek will use this additional investment to expand its Allworx Voice over Internet Protocol See Internet and TCP/IP. (networking) Internet Protocol - (IP) The network layer for the TCP/IP protocol suite widely used on Ethernet networks, defined in STD 5, RFC 791. IP is a connectionless, best-effort packet switching protocol. (VoIP) product line for the SMB market See SMB. and to expand its sales and marketing reach. "InSciTek's Allworx product line brings the benefits of VoIP to small businesses," said Jennifer Tegan, partner, Cayuga Venture Fund. "Because of Allworx, small companies have access to an affordable yet sophisticated communications system in a turnkey package that provides greater flexibility and workplace efficiencies. Cayuga Venture Fund is proud to support InSciTek so that more small businesses can gain access to its suite of award-winning communications products and services." "Cayuga Venture Fund's investment demonstrates confidence in our strategy for continued growth," said George Daddis, InSciTek 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. . "This investment enables us to develop a new generation of Allworx products - building on our current portfolio, which already offers the broadest feature set and the lowest installed cost of any VoIP solution for small businesses." This capital follows investments from a host of other prominent firms throughout 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 , including Enhanced Capital Partners, High Peaks Venture Partners, Performance Technologies and Cephas Capital Partners. About InSciTek/Allworx Allworx, the product division of InSciTek Microsystems Inc., believes small-to-medium-sized businesses today should have access to the same advanced information and communications technologies as big enterprises. The Allworx 10x and Allworx 6x systems and Allworx 9112 and 9102 phones are ideal replacements for the millions of aging (TDM (Time Division Multiplexing) A technology that transmits multiple signals simultaneously over a single transmission path. Each lower-speed signal is time sliced into one high-speed transmission. ) PBX (Private Branch eXchange) An inhouse telephone switching system that interconnects telephone extensions to each other as well as to the outside telephone network (PSTN). and key phone systems in use today. For more information, visit www.allworx.com, or call 1-866-ALLWORX (255-9679). About Cayuga Venture Fund Based in Ithaca, N.Y., Cayuga Venture Fund (www.cvf.biz) is one of the longest running early stage 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: in upstate New York Upstate New York is the region of New York State north of the core of the New York metropolitan area. It has a population of 7,121,911 out of New York State's total 18,976,457. Were it an independent state, it would be ranked 13th by population. . Over the course of its 11-year history, CVF and its members have invested more than $48 million in early stage and emerging growth companies primarily in upstate New York, a region that is rich in intellectual resources but one that has been traditionally underserved by the capital markets. To date, CVF has made 12 investments, several of which have achieved liquidity including, Pathlight (acquired by ADIC), Kionix (acquired by Calient Networks in 2000), and theGlobe.com. CVF's proximity to and relationships within Cornell University as well as with other research centers in upstate New York have provided the fund with a decade's worth of exceptional and lucrative investment opportunities. |
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