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WiMAX Triple Play Service
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WiNetworks
Secures $11 Million in VC Funding
Other Topics: Broadband Triple Play
Services, WiMAX Network Solution
WiNetworks
August 18, 2006
Funds Accelerate ‘Go to Market’
of WiMAX Triple Play Service Solution for Satellite Broadcast Networks &
Mobile WiMAX for Cable Networks
Herzelia, Israel -- WiNetworks, a leading company in WiMAX (IEEE 802.16
d/e) and Digital Video Broadcasting (DVB) technologies, announced today
that it successfully raised $11M 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. |
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This is the second major
financing round for WiNetworks, which was founded in 2003 with seed
financing from Cedar Fund. The capital raised will be used to expand
WiNetworks’ operations and accelerate its ‘Go to Market’ plan.
WiNetworks is currently shipping its WiMAX platform that enables the
delivery of seamless triple play and mobile services (video, voice and
high-speed Internet) over WiMAX. WiMAX is a new wireless technology that
provides broadband connectivity over long distances and is particularly
wellsuited for Digital Broadcast Satellite (DBS) operators and Cable
Operators that would like to expand their video content to mobile users.
Commenting on behalf of Cedar Fund, Mr. 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 is uniquely positioned to be a powerful catalyst in the
industry, using WiMAX to enable Triple Play capabilities to grow the
business of Digital Broadcast Satellite (DBS) operators,” said Mr. Effi
Atad, WiNetworks’ CEO and founder. “This financing round provides
WiNetworks with the funding to further expand our growth and
distribution efforts.”
“We believe that DBS and cable operators will have to provide quadruple
play services in order to remain relevant in the marketplace.” said Adi
Gan, partner at Evergreen. “We further believe that given their huge
market share they have the means to deploy WiMax networks in order to
complete their offering. WiNetworks is uniquely positioned to be the
technology market leader in this very large market segment.”
About Cedar Fund
Cedar Fund is a venture capital firm investing in high technology
companies. Cedar Fund seeks to invest in outstanding entrepreneurs
pursuing high growth markets with distinguished technologies in the
telecommunications, networking, Internet-infrastructure and enterprise
software areas. Cedar Fund invests in all stages, and specializes in
early stage, Israel-related situations. With its quality investment
track record and over $225 million under management, Cedar Fund is among
the largest and most notable venture capital firms focusing on
Israel-related, early stage investments. For more information, please
visit www.cedarfund.com.
About Evergreen Ventures
Evergreen Venture Partners was established in 1987 as one of
Israel's first venture capital firms and has grown into a leader.
Evergreen's investments are focused on early stage Israeli companies in
3 main business fields: communications, software and healthcare.
Evergreen’s $540 million of venture capital funds under management,
invested in more than 100 technology companies, represent one of the
largest and most successful portfolios in Israel. Over the past 14
years, Evergreen has established strong ties with global technology
companies, top-tier venture capital firms both in Israel and abroad,
financial organizations worldwide and a network of entrepreneurs.
Evergreen has exited successfully 33 portfolio companies through IPOs or
acquisitions. Some of these companies include P-Cube, Actona, Exalink,
Creo, Galileo, Backweb, Radvision, Radware and the recent acquisitions
of Aduva, Identify and Colbar. For more information please visit our
website: www.evergreen.co.il
About WiNetworks
WiNetworks specializes in Wireless and Digital Video Broadcast solutions
based on innovative and patented Hybrid WiMAX DVB (HWDV™) technology.
WiNetworks solutions transform one-way broadcast networks into full
digital broadcast infrastructures allowing operators to offer a complete
bundle of attractive "Triple Play" services – Internet access,
telephony, video on demand, interactive TV services and mobile support.
WiNetworks has filed multiple patents on its unique technology and is a
member of the WiMAX forum promoting the compatibility and
inter-operability of broadband wireless access. Visit the web site at
www.winetworks.com for more information about WiNetworks.
Press Contacts for WiNetworks:
Marketing Communications Manager
Dana Liberty
Email: danal@winetworks.com
Tel: +973-9-951-9556 ext. 131
© Copyright 2006 WiNetworks Inc. WiNetworks is a trademark of
WiNetworks Inc. Other names or trade names mentioned herein are the
trademarks or registered trademarks of their respective owners. |
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