Chantry Networks Attracts Additional Investment for Enterprise-Class Wireless Solution; Innovative Wireless Start-up Secures USD $3M in Additional Series A Funding from Flagship Ventures.Business Editors/High-Tech Writers TORONTO & CAMBRIDGE, Mass.--(BUSINESS WIRE)--Dec. 11, 2002 Chantry chan·try n. pl. chan·tries Ecclesiastical 1. An endowment to cover expenses for the saying of masses and prayers, usually for the soul of the founder of the endowment. 2. Networks, an emerging leader of a new generation infrastructure for wireless local area network (WLAN See wireless LAN. WLAN - wireless local area network ) products, today announced that it secured a Series A follow-on investment of USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. $3 million from Flagship Ventures in Cambridge, MA, following an initial round of funding 4 months ago. Representing Flagship is Per Suneby who will also join Chantry's Board of Directors as Executive Chairman. Mr. Suneby, a Motorola veteran in the networking space and the 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. & Founder of IndusRiver Networks, which was acquired by Enterasys Networks This article or section contains information about scheduled or expected future events. It may contain tentative information; the content may change as the event approaches and more information becomes available. , brings extensive sector and management experience. "It's a tremendous vote of confidence for the Chantry vision and team," said Brian Collie collie, breed of large, agile working dog developed in Scotland during the 17th and 18th cent. It stands from 22 to 26 in. (55.9–66 cm) high at the shoulder and weighs from 50 to 75 lb (22.7–34 kg). , President and CEO of Chantry. "We're very pleased to have attracted the quality and depth of investors that we have. What distinguishes us is our ability to address the system requirements To be used efficiently, all computer software needs certain hardware components or other software resources to be present on a computer system. These pre-requisites are known as (computer) system requirements and are often used as a guideline as opposed to an absolute rule. of large-scale WLANs, something the current generation of WLAN products cannot effectively do," concluded Collie. Chantry Networks develops unique large-scale wireless LAN A local area network that transmits over the air typically in the 2.4 GHz or 5 GHz unlicensed frequency band. It does not require line of sight between sender and receiver. Wireless base stations (access points) are wired to an Ethernet network and transmit a radio frequency over an area infrastructure products that will allow Enterprise and Service Provider customers to easily deploy and support secure, highly scalable low cost 802.11x solutions. The company's products will be easy to maintain, service, and cost-effectively upgrade, and will easily integrate into existing network infrastructures. Chantry received its initial round of USD $6 million in August 2002 from Vancouver-based Ventures West, Venture Coaches in Ottawa and Primaxis Technology Ventures in Toronto. "Chantry has the potential to be the breakout leader in the WLAN space," said Suneby, who is Venture Partner on the Information Communications Technology team at Flagship Ventures. "It's rare to find such a strong team with a systems view of the problem as well as the ability to architect a solution to address that problem." About Chantry Networks: Chantry Networks, based in Mississauga, Ontario, is a developer of Wireless Local Area Network (WLAN) infrastructure products. Their unique products allow both Service Providers and Enterprise customers to easily deploy and support secure, scalable, low cost Wireless LAN solutions. For more information visit www.chantrynetworks.com. About Flagship Ventures Founded in 1999, Flagship Ventures (www.flagshipventures.com) is an entrepreneurship and venture capital firm comprised of a family of funds Family of Funds A group of mutual funds offered by one investment or fund company. Each mutual fund has different characteristics and can range depending on investment objective. Also referred to as a "Mutual Fund Family" or simply a "Fund Family". : OneLiberty Funds, AGTC AGTC Advanced Airport Ground Traffic Control System Funds and NewcoGen Group. Flagship currently invests from $400 million in funds raised in 2000, and manages a total pool of committed capital approaching $600 million. The Flagship Ventures team consists of 31 professionals focused on creating, financing, and building companies in the life science, information technology, and communications sectors. About Ventures West Ventures West is a privately held venture capital investment group that invests in early stage technology companies across North America from offices in Vancouver, Toronto and Ottawa. Since its founding in 1968, Ventures West has invested over $400 million in more than 150 companies. Ventures West has the people, the expertise, and the capital to develop emerging technology companies into market leaders. Our investment strategy focuses on four technology sectors: Information Technology, Telecommunications, Biotechnology and Power Technology. Our telecom portfolio includes ATMOS ATMOS Atmospheric Trace Molecule Spectroscopy ATMOS Air Traffic Management and Operations Simulator ATMOS Atmospheric Trace Molecules Observed by Spectroscopy ATMOS Asynchronous Transfer Mode Optical Switching (European) Corp., Convedia Corp, Galian Photonics, Intelligent Photonics Control, Nuvo Network Management Inc. and Spectrum Signal Processing Inc. For more information, visit www.ventureswest.com. About Venture Coaches Venture Coaches is an Ottawa-based seed and early stage venture capital firm committed to building innovative photonic and wireless product companies. The focus is on companies that build and market components, modules, systems, network solutions, software and applications. Venture Coaches has built a strong industry network of business partners and advisors with investment, technology and management expertise to mentor our portfolio companies. For more information, visit www.venturecoaches.com. About Primaxis Technology Ventures Inc. Primaxis is a Toronto-based, early stage venture capital fund that invests in leading-edge opportunities in the physical and engineering sciences. The Primaxis team includes entrepreneurs, scientists and engineers, and business executives, who bring sector expertise, broad operational experience and vision to our partner companies. Primaxis works closely with company founders to build value in fundamental and strategic areas such as technology development, intellectual property management, business development, human resources and corporate governance Corporate Governance The relationship between all the stakeholders in a company. This includes the shareholders, directors, and management of a company, as defined by the corporate charter, bylaws, formal policy, and rule of law. . For more information, visit www.primaxis.com. |
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