WiNetworks of Herzliya, which develops WiMAX (IEEE 802.16 d/e) and digital video broadcasting (DVB) technologies, has raised $11 million in venture capital funding.
In this round, most of the funding came from WiNetworks existing investors, Cedar Fund, Columbia Capital, and Rho Capital, with Evergreen entering as a new investor. This is the second major financing round for WiNetworks, which was founded in 2003 with seed financing from Cedar Fund.
The company said that the capital raised would be used to expand its operations and accelerate its ‘Go to Market’ plan.
WiNetworks is currently shipping a WiMAX platform that enables the delivery of seamless triple play and mobile services (video, voice and high-speed Internet) over WiMAX. WiMAX wireless technology provides broadband connectivity over long distances and is particularly well-suited for DBS operators and cable operators that would like to expand their video content to mobile users.
Cedar Fund's Gal Israely said, “We initially invested in the team and the vision. This combination has resulted in an outstanding company with a very attractive product for this fast growing market. This round, which more than doubles our investment, demonstrates our strong confidence in the company and its potential in the market place.”
WiNetworks’ CEO and founder Effi Atad said, “WiNetworks is uniquely positioned to be a powerful catalyst in the industry, using WiMAX to enable triple play capabilities to grow the business of DBS operators. This financing round provides WiNetworks with the funding to further expand our growth and distribution efforts.”
Published by Globes [online], Israel business news - www.globes.co.il - on July 31, 2006
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