SnowShore Networks Raises $20 Million in Second Round Funding.Business/Technology EditorsCHELMSFORD, Mass.--(BUSINESS WIRE)--Aug. 9, 2001 St. Paul St. Paul as a missionary he fearlessly confronts the “perils of waters, of robbers, in the city, in the wilderness.” [N.T.: II Cor. 11:26] See : Bravery Venture Capital, 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 Matrix Partners Collaborate to Fund IP Infrastructure Company SnowShore Networks, an emerging telecommunications company See telecom company. dedicated to IP enhanced communications infrastructure products, today announced it has raised $20 million of second round equity funding Equity funding An investment consisting of a life insurance policy and a mutual fund. The insurance policy is paid by the collateral value of fund shares, giving the investor the advantages of insurance protection with the growth potential of a mutual fund. . St. Paul Venture Capital led the financing with existing investors Charles River Ventures and Matrix Partners also participating. The capital will be used to deliver and aggressively market SnowShore's line of media servers. "The strength of this new round of funding is a testament to our market opportunity, SnowShore's position within the market, our achievements, and the strength of our management and engineering team," said Joel Hughes, SnowShore Networks' 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. . "With the deployment of voice over IP networks underway, carriers are under pressure to deliver revenue-generating services immediately. SnowShore's media servers provide the infrastructure necessary to meet this critical business objective." "We are very pleased to lead this round of funding for SnowShore Networks. We believe they are driving the emerging media server market and are well positioned to take advantage of this sizable market opportunity," said Rod Randall, general partner at St. Paul Venture Capital. "The SnowShore team has tremendous experience in the development of VoIP technology infrastructure products. Our investment reflects our belief in their abilities to deliver and market an exceptional product and to succeed in this high growth area." SnowShore Networks is developing carrier class media server products that enable carriers to deploy profitable enhanced voice services worldwide. SnowShore's media servers form the foundation of the new scalable and flexible applications and services infrastructure. The media server is a crucial element in enabling efficient deployment of today's enhanced voice applications and powering new applications that integrate Web content and real-time interactive communications. About St. Paul Venture Capital St. Paul Venture Capital is one of the largest 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] in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. with $3 billion in committed capital and offices in Minneapolis, Boston and Silicon Valley. The firm, founded in 1988, invests primarily in the areas of Communications, Business Applications/Services, Consumer Technology, and Health Care. Additional information can be found at the firm's website at www.stpaulvc.com. About Matrix Partners Since its inception in 1977, Matrix Partners has been dedicated to helping outstanding entrepreneurs build industry-leading technology companies. Matrix focuses on companies that develop cornerstone technologies of the information revolution and invests in a broad range of sectors including software, communications equipment, semiconductors, storage, Internet and wireless. With offices in the two major technology centers -- Boston and Silicon Valley -- Matrix has developed an exceptionally strong network of contacts and a deep reservoir of entrepreneurial know-how. Companies that have gone public out of the Matrix portfolio in the last two years and that Matrix played a founding role in include ArrowPoint Communications (acquired by Cisco), Alteon Web Systems (acquired by Nortel), Blue Martini Software Blue Martini Software (Blue Martini Software, Inc.) was a privately held software manufacturer and professional services provider based in San Mateo, California that sells and supports an eponymous e-commerce enterprise application that supports sales online, by phone, and at the (Nasdaq: BLUE), Broadband Access See broadband and wireless broadband. Systems (acquired by ADC Telecommunications), OnDisplay (acquired by Vignette), Phone.com (merged with Software.com to form Openwave, OPWV OPWV Openwave Systems Inc. (stock abbreviation, AMEX) ), SilverStream Software (Nasdaq:SSSW), Sonus Networks (Nasdaq: SONS), Sycamore Networks (Nasdaq: SCMR SCMR Supply Chain Management Review SCMR Society for Cardiovascular Magnetic Resonance SCMR Software Configuration Management Record SCMR Symmetrical Compact Microstrip Resonator SCMR Service Control Manager Remote ) and Turnstone Systems (Nasdaq:TSTN TSTN Triple Supertwisted Nematic TSTN Touchstone (stock symbol) TSTN Triple Super Twisted Nematic TSTN tangential signal to tangential noise ). About Charles River Ventures Charles River Ventures is one of the nation's leading early-stage venture capital firms. The firm invests in data communications and e-commerce companies that form the cornerstones of the Internet economy. Since its founding in 1970, Charles River has organized ten funds totaling over $1 billion and has provided capital and guidance to more than 250 companies. Trademark investments include industry-leading companies such as Be Free, Cascade, Chipcom, CIENA, iBasis, Sonus, and Vignette. Throughout the past decade, Charles River funds have been among the industry's highest performing funds according to Venture Economics, a division of Thomson Financial Thomson Financial A major provider of information, analytical tools, and consulting services to the financial community. The firm, a division of Thomson Corporation, is best known to investors for its First Call segment, which publishes consensus earnings Securities Data that covers investment, exit and performance activity in the private equity industry. About SnowShore Networks SnowShore Networks (www.SnowShore.com), a telecommunications equipment company, provides IP communications infrastructure products to innovative service providers worldwide. Our media server is an IP-optimized media-processing platform that blends voice and dynamic web content to enrich the user's communications experience. As the foundation of the carrier's applications infrastructure, the media server vastly improves the creation, deployment and management of traditional services and makes possible visionary new voice services. Founded in May 2000, SnowShore Networks is privately held and backed by Charles River Ventures, Matrix Partners and St. Paul Venture Capital. SnowShore Networks: Powering the Service-Ready Network(TM). |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion