Cedar Point Communications Secures $19 Million in Funding for New Cable Telephony Solution.Business Editors/Hi-Tech Writers DERRY, N.H.--(BUSINESS WIRE)--Feb. 25, 2002 Cedar Point Cedar Point is a 364 acre (1.5 km²) amusement park located in Sandusky, Ohio, U.S. on a narrow peninsula jutting into Lake Erie. It is one of the world's largest amusement parks (by ride count) with 69 rides and currently holds the world record for most roller coasters with 17, one Communications, a New Hampshire New Hampshire, one of the New England states of the NE United States. It is bordered by Massachusetts (S), Vermont, with the Connecticut R. forming the boundary (W), the Canadian province of Quebec (NW), and Maine and a short strip of the Atlantic Ocean (E). company developing an innovative PacketCableT based telephony technology for cable system operators, announced today the completion of an initial round of $19 million in private equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. . 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 and Battery Ventures have committed capital to the development and commercialization of Cedar Point's Cable Media Switching System, an entirely new category of voice switching equipment tailored exclusively to the needs of the broadband cable operator. Cedar Point previously had been funded by its founders and other investors, led by Ascent Venture Partners. Cable Media Switching combines key high quality attributes of today's Class 5 voice switches with the elements in distributed VoIP networks in a single CableLabsT PacketCableT based system. Cable Media 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. provide superior performance and reliability, significantly reducing capital expenditures, system integration and operations costs for cable operators offering telephony services. The technology began lab trials with Comcast Corporation in November, 2001. "Cable Media Switching is unique in its ability to jumpstart the cable industry in the deployment of telephony services," said Mark Galvin, founder and chairman of Cedar Point Communications. "We're grateful for the initial support we've received from Ascent Venture Partners, and are delighted to have secured the financial backing of other high-quality investors who truly understand the potential of our technology." "Cable operators have pointed to cost and complexity as the two primary impediments to a nationwide rollout of telephony services," said Bruce Sachs, partner with Charles River Ventures. "In Cable Media Switching, Cedar Point has created the first solution that addresses those concerns, both in terms of initial implementation and ongoing operations." "Cedar Point is in an ideal position, both to accelerate the deployment of VoIP solutions, and to provide an elegant migration path to VoIP for today's circuit switched systems," said Todd Dagres, partner with Battery Ventures. "Their uniquely innovative approach is the only VoIP platform to match the high quality attributes of today's voice public network." Cedar Point's Cable Media Switching technology offers operators a standards-based, highly-integrated solution combining many distributed network elements with patented technology that handles both VoIP and Circuit Switched voice calls simultaneously on a single packet switch. Cable Media Switching is the first technology to address successfully the costs of initial deployment, system integration and ongoing operations, all of which have prevented a wider rollout of voice services. The flexibility and scalability of the Cedar Point solution simplifies the network overall, and dramatically improves the profitability of cable system telephony. About Cedar Point Communications Cedar Point Communications is creating and commercializing Cable Media Switching, an entirely new category of PacketCableT based voice switching equipment tailored exclusively to the broadband cable operator's telephony and broadband media needs. The company's solution is a cost-efficient, less complex alternative to current circuit switched and distributed switching Distributed switching is an architecture in which multiple processor-controlled switching units are distributed. There is often a hierarchy of switching elements, with a centralized host switch and with remote switches located close to concentrations of users. cable telephony See cable telephone. options. The company was founded by telephony and data veterans, and has assembled an advisory board of cable and broadband communications experts. Cedar Point has received $19 million in funding from Charles River Ventures, Battery Ventures, Ascent Venture Partners and other investors. The company is based in Derry, N.H. For more information, please visit www.cedarpointcom.com. About Charles River Ventures Founded in 1970, Charles River Ventures (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) ) is one of the nation's oldest and most successful early-stage 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] with $2 billion under management. CRV is dedicated to helping exceptional entrepreneurs turn their ideas into the next category leaders in the data communications data communications, application of telecommunications technology to the problem of transmitting data, especially to, from, or between computers. In popular usage, it is said that data communications make it possible for one computer to "talk" with another. and software & services sectors. To build these companies, CRV provides entrepreneurs with access to a unique combination of financial backing, startup operations expertise and strategic business services. Over the past 10 years, CRV funds have been ranked among the industry's top performers. This superior investment record includes leading companies such as Cascade, Chipcom, CIENA, iBasis, Sonus Networks, SpeechWorks International and Vignette Vignette A symbol or pictorial representation of the corporation on a stock certificate. Usually a complicated and artistic design, it is meant to make the counterfeiting of stock certificates as difficult as possible. . CRV has offices in Boston, MA and Menlo Park Menlo Park. 1 Residential city (1990 pop. 28,040), San Mateo co., W Calif.; inc. 1874. Electronic equipment and aerospace products are manufactured in the city. Menlo College and a Stanford Univ. research institute are there. 2 Uninc. , CA. For more information visit www.crv.com About Battery Ventures Battery Ventures is a premiere venture capital firm largely focused on early stage technology investments. With a team of more than 60 professionals and nearly two decades of success, Battery has the people, experience and capital to guide emerging technology companies to category dominance. Since 1983, the firm has invested worldwide in more than 130 companies across the communications, software and Internet/e-Business industries. From its offices in Wellesley, MA, and 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. , CA, the partnership manages over $1.8 billion in committed capital. For more information, visit www.battery.com. |
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