Ikanos Communications Receives $5.1 Million in Second Round -- Raising Series C Funding to $30 Million.Business Editors/High-Tech Writers
FREMONT, Calif.--(BUSINESS WIRE)--Oct. 22, 2001
Ikanos Receives Funding from Intel Capital, Ridgewood Capital, and
Ikanos Communications Ikanos Communications Inc. (NASDAQ: IKAN) develops chipsets that enable carriers to offer Fiber Fast™ bandwidth and high-speed network processing for enhanced triple play services. , Inc., a developer of next-generation broadband silicon solutions, today announced that it has raised $5.1 million in its second round of Series C funding. Total Series C funding now stands at $30 million, and total funding secured to date is more than $47.3 million. Ikanos will use the new capital to continue to fund research and development, as well as to help acquire new customers. The company also announced that Joerg Sperling, managing director of Ridgewood Capital, has joined the Ikanos board of directors.
Participants in the latest round of funding include new investors Intel Capital and VentureTech Alliance, LLC (Logical Link Control) See "LANs" under data link protocol.
LLC - Logical Link Control , an affiliate of Taiwan Semiconductor Manufacturing Company (TSMC TSMC Taiwan Semiconductor Manufacturing Company, Ltd
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TSMC Technical Services Manager Code ), which will be Ikanos' main technology and manufacturing partner. Ridgewood Capital, which participated in earlier funding rounds, increased its investment in Ikanos in this round. Other previous Ikanos investors include Anthelion anthelion: see halo. Capital, Greylock Partners, JPMorgan Partners, Sequoia Capital Sequoia Capital is a venture capital firm founded by Don Valentine in 1972. The firm's partners include Don Valentine, Pierre Lamond, Michael Moritz, Doug Leone, Mike Goguen, Mark Stevens, Jim Goetz, Sameer Gandhi, Roelof Botha, and Mark Kvamme. , Telesoft Partners, and Walden International.
Ikanos is changing the economics of broadband access See broadband and wireless broadband. with programmable silicon solutions that help give equipment vendors the flexibility and performance they need to serve multiple markets worldwide. The company has created a new class of silicon that serves the entire range of worldwide broadband markets and applications in a single chipset, thereby slashing time to market and development costs for equipment vendors.
"Ikanos addresses the bandwidth bottleneck that prevents carriers from extending broadband access from the metro fiber network to most of their business customers," said Ron Norris of VentureTech Alliance. "We believe there will be strong demand for Ikanos' unique silicon solution, which will break that bandwidth bottleneck wide open."
"Ikanos' Series C funding has been oversubscribed Refers to connecting more users to a system than can be fully supported if all of them were using it at the same time. Networks and servers are almost always designed with some amount of oversubscription, counting on the fact that everybody does not need the service simultaneously. by nearly $5 million," said Renee Punian, vice president of finance and administration of Ikanos. "The fact that both new and existing investors of a very high caliber have participated in this latest round of funding is a strong endorsement not only of our technology, but also of our leadership in bringing broadband access to markets worldwide."
Sperling Joins Board
"As a managing director at Ridgewood Capital, I'm constantly exposed to new companies with new technologies and am very familiar with Ikanos' competition," said Joerg Sperling, who has been appointed to the Ikanos board of directors. "Ridgewood has increased its stake in Ikanos and joined its board because we're convinced that the company's technology is the best in the market today."
Sperling has extensive experience in the semiconductor industry. Prior to joining Ridgewood Capital, he was North American North American
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Infineon Technologies AG (ISIN: DE0006231004, FWB: IFX, NYSE: IFX) was founded in April 1999 when the semiconductor operations of parent company, Siemens AG, were spun off to form a separate legal entity. AG (formerly Siemens' Semiconductor Group). Sperling also worked at AT&T Bell Labs and the Israel Institute of Technology. He currently serves on the boards of a number of companies in the semiconductor and optics industries.
About Ikanos Communications
Founded in 1999 and based in Silicon Valley, Ikanos Communications, Inc., has created a new class of silicon that serves the entire range of worldwide broadband markets and applications with a single programmable chipset. Ikanos' industry-leading solution enables access equipment vendors to serve many different customers while slashing time to market and lowering development, manufacturing, and inventory costs.
Ikanos Communications provides comprehensive offerings that encompass silicon, embedded software, reference designs, high-level APIs, and extensive documentation. Ikanos is a member of, and contributes to, ANSI (American National Standards Institute, New York, www.ansi.org) A membership organization founded in 1918 that coordinates the development of U.S. voluntary national standards in both the private and public sectors. It is the U.S. member body to ISO and IEC. , DSL Forum and ITU-T See ITU.
ITU-T - International Telecommunications Union . For additional information about Ikanos Communications, please visit the company's Web site at www.ikanos.com or contact Connie Henry at 510/438-6276 or firstname.lastname@example.org.
Note to Editors: Ikanos, and Ikanos Communications, and the Ikanos logo design are trademarks of Ikanos Communications, Inc. All Rights Reserved.