SnowShore Networks Raises $20 Million in Second Round Funding.
CHELMSFORD, Mass.--(BUSINESS WIRE)--Aug. 9, 2001
St. Paul Venture Capital, Charles River Ventures and Matrix Partners
Collaborate to Fund IP Infrastructure Company
SnowShore Networks, an emerging telecommunications company dedicated to IP enhanced communications infrastructure products, today announced it has raised $20 million of second round equity funding. 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. "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 in the United States 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 (Nasdaq: BLUE), Broadband Access Systems (acquired by ADC Telecommunications), OnDisplay (acquired by Vignette), Phone.com (merged with Software.com to form Openwave, OPWV), SilverStream Software (Nasdaq:SSSW), Sonus Networks (Nasdaq: SONS), Sycamore Networks (Nasdaq: SCMR) and Turnstone Systems (Nasdaq:TSTN).
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 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).
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|Date:||Aug 9, 2001|
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