BelAir Networks Announces $21.4 Million in Series D Funding.
KANATA, Ontario -- BelAir Networks, the leading provider of mobile wireless broadband mesh network solutions, announced today a $21.4 million Series D financing round, led by Ventures West Management Inc. Trilogy Equity Partners, co-founded by former T-Mobile USA and Western Wireless Chief Executive John Stanton, also participated in this highly successful round.
"In the last year, BelAir has landed top-tier customers in each of its target markets - municipal, cable, and cellular," said Sam Znaimer, Senior Vice President, Ventures West Management Inc. "This funding will give BelAir expanded resources with which to respond to strong market demand and to accelerate its sales and marketing initiatives."
"Trilogy Equity Partners looks for innovation, passion, and execution excellence - BelAir Networks and its management team deliver on all three," stated Tim Wong, former CTO, T-Mobile USA, and co-founder of Trilogy Equity Partners. "The company's proven and cost-effective mobile broadband mesh networks are differentiated by their carrier-class capacity, reliability and scalability. Only BelAir is applying its technology today to backhaul live cellular traffic."
Existing investors Comcast Interactive Capital, T-Mobile Venture Fund, Panorama Capital (formerly JPMorgan Partners), VenGrowth Capital Partners Inc., BDC Venture Capital, and MMV Financial also participated in this round. In addition to the equity financing, MMV Financial also provided a $5 million venture loan.
The capital received from this financing will support BelAir Networks momentum in the municipal networks market where the company has recently won competitive bids for citywide wireless networks in Minneapolis, City of London, UK and Toronto, Canada. The funds will also be used to continue the company's highly successful sales and marketing activities in the cable and cellular industries, and to further expand into international markets. BelAir's wireless broadband mesh technology is deployed in more than 150 networks worldwide.
"We are pleased to have Ventures West and Trilogy Equity Partners as new investors, both of whom have proven track records in backing successful companies in the telecommunications and wireless networking industries," said Bernard Herscovich, President and CEO of BelAir Networks. "In each of our funding rounds, we have been fortunate to garner interest from new strategic investors that have placed a significant premium on the proven value of our mobile broadband mesh networks."
BelAir Networks' comprehensive product portfolio delivers high performance, cost- effective, flexible deployment options and a migration path to future technologies. Supporting Wi-Fi, 4.9 GHz Public Safety, and WiMAX mesh, the portfolio includes the flagship four-radio BelAir200 Wireless Multi-service Switch Router, the dual-radio BelAir100 Multi-service Node, the BelAir100C Multi-service Node featuring point-to-multipoint backhaul, the BelAir100S, the single-radio BelAir50C and BelAir50S, and the six-radio BelAir300 Converged Multi-service Wireless Node, all seamlessly managed by the BelAir BelView Network Management System.
The Series D financing brings the total investment in BelAir Networks to US $65.4 million.
About Ventures West
Ventures West Management Inc., a private venture capital investment group, is one of Canada's leading investors in early stage technology companies. Since its founding in 1968, Ventures West has formed eight venture capital funds which total over $700 million and has invested in more than 130 companies. Ventures West has the people, the expertise, and the capital to help entrepreneurs develop emerging technology companies into market leaders. For more information, visit www.ventureswest.com.
About Trilogy Equity Partners
Trilogy Equity Partners was founded by successful veterans of the wireless industry, including the executive team that founded Western Wireless and VoiceStream. Trilogy's partners have started new companies in emerging industries and have built enduring businesses across four continents. Trilogy's portfolio companies benefit from its operational expertise and its global network of relationships in addition to its financial investment.
About MMV Financial Inc.
MMV Financial is a Toronto-based specialty finance company providing creative debt solutions to technology and life sciences companies across North America. MMV is backed by top U.S. and Canadian private equity firms and financial institutions including CCP Equity Partners, Caisse de depE[sup.3]t et placement du Quebec, NewStar Financial Inc, and Wells Fargo Company. For more information visit http://www.mmvf.com/
About BelAir Networks
BelAir Networks is the first company to offer scalable, mobile wireless broadband mesh networking solutions with the highest quality for data, voice and video. The company teams with world-class global partners to deploy proven, cost-effective wireless broadband mesh networks. BelAir's wireless networking solutions are built on the only multi-service architecture for municipal wireless broadband deployments of Wi-Fi, WiMAX and 3G Cellular networks. Built specifically for outdoor-in deployments, BelAir Networks' patented solution delivers the lowest cost per user and deploys in days, blending into the physical infrastructure of downtown business districts, hotels and resorts, and campuses. Founded in 2001, BelAir Networks is a privately held company. For more info, visit www.belairnetworks.com.
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|Date:||Oct 2, 2006|
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