Corsair Communications completes $8.8 million equity financing; developers of PhonePrint cellular fraud fighting system poised for rapid market expansion, technology development efforts.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.--(BUSINESS WIRE)--Nov. 30, 1995--Corsair Communications has completed a second-round financing that raised $8.8 million for the company and brought in three additional investors representing some of the leading 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] in the country. The new investors include Accel Partners, Technology Crossover Ventures, and Integral Capital Partners. Several of Corsair's first-round investors joined in providing additional funding for the package, including Kleiner Perkins Caufield & Byers, Sevin Rosen Funds Sevin Rosen Funds (SRF) is a venture capital firm that was established in 1981 by L.J. Sevin and Ben Rosen. SRF was involved in the financing of ArQule, CIENA, Citrix, Cypress Semiconductor, Electronic Arts, Lotus Development Corporation, Silicon Graphics, and Vitesse. , Norwest Venture Capital and Needham & Co. funds. "This round of financing enables us to move into more markets with our cellular fraud control system," said Corsair's President and Chief Executive Officer, Mary Ann Byrnes. "That's important for helping the cellular industry control fraud losses that are approaching $1 billion a year." Corsair's PhonePrint cellular fraud control system is the industry's most advanced pre-call fraud prevention tool. To date, PhonePrint has disconnected over 20 million fraudulent cellular calls in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. and 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 , the country's two largest cellular markets. Byrnes said that Corsair corsair: see Barbary States; piracy. will also use the funding to continue advancing its core technology in signal analysis and to develop future products for wireless providers. "This financing package represents a major vote of confidence from our investors," said Byrnes. "They've seen us prove our ability to enhance our technology and establish significant relationships with some of the leading cellular carriers in the country." With core expertise in radio signal analysis and wireless spectrum technology, Corsair Communications develops and provides technology-intensive application solutions to the wireless telecommunications industry. CONTACT: Corsair Communications Bill Taliaferro, 415/842-3263 |
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