Aperto Networks Raises $17 Million in First Tranche of Mezzanine Round
Funds to be used for market expansion and further WiMAX product development
Milpitas, Calif., (September 14, 2005) – Aperto Networks, a leading WiMAX systems provider, announced today it has raised $17 million in the first tranche of a Series E financing round. The funding was led by Canaan Partners and was raised from existing investors, including JK&B Capital, Alliance Ventures, Innovacom, Tyco Ventures, Labrador Ventures, and Satwik Ventures. The latest round brings the company's total capitalization to $94 million.
Aperto will use the funds to expand its global market presence and to broaden its WiMAX solutions portfolio.
“Aperto Networks has navigated the transition from pre-WiMAX to true WiMAX solutions availability with skill and effectiveness,” said Deepak Kamra, general partner with Canaan Partners and an Aperto Board Director. “The company continues to achieve its targeted revenues and sustain customer loyalty, and remains a significant leader in the WiMAX certification process. The investors are very impressed with Aperto's growth and achievements in a highly competitive, hyper-expanding market.”
“Aperto Networks continues to demonstrate growth and success in the burgeoning broadband wireless and WiMAX space,” said Lindsay Schroth, Senior Analyst for Yankee Group. “Broadband wireless access, from Mali to Milwaukee, is becoming a cost effective means to bridge the digital divide and offer an alternative broadband solution. Moreover, WiMAX, will enable the growth of new service providers and new applications to meet the growing demand for broadband around the world.”
“This round of funding was highly oversubscribed, generating interest from a wide array of new and existing investors, including venture capitalists and corporate funds. We were especially gratified to see the enthusiastic backing of our existing investors,” emphasized Reza Ahy, Aperto Networks Chairman and CEO. “We are ramping for our 4Q 2005 WiMAX Forum certification, ahead of other major players, and expect to be fully ready for commercial delivery of an array of WiMAX-certified products shortly thereafter. Demand across all fronts is strong, and we have worked diligently for this inflection point.”
Aperto Networks' PacketMAX™ and PacketWave® base stations and subscriber units enable both licensed and unlicensed frequency broadband wireless access for business-grade users and consumers. Service providers use Aperto's award-winning systems to deliver wireless T1/E1 and Fractional T1/E1 speeds, wireless VPNs and VLANs, disaster recovery Hot Spot, cellular and nomadic wireless backhaul, as well as VoIP and streaming media.
About Aperto Networks
Aperto Networks is a leader in WiMAX systems selling to the global markets. Aperto is a founding board member of the WiMAX Forum as well as a founder and lead contributor to IEEE 802.16a/d and the ETSI-BRAN standards. Its PacketMAX and PacketWave® systems consist of a family of base stations, subscriber units, radios and antennas in 2.5, 3.5 and 5 GHz frequencies for point-to-multipoint and point-to-point deployment. The scalability and patented technologies in these systems support new wireless builds and complement wireline broadband access networks. Aperto is deployed in over 65 countries, meeting service provider needs for installation ease, IP-rich network functionality, cost effectiveness, rapid provisioning and interference resilience. For more information on Aperto Networks, go to www.apertonet.com.