Aperto Networks Captures $22 Million in Series C Funding
Investment will help fuel volume delivery of company’s broadband access solutions among North American, Asian, European and Latin American carriers
Milpitas, Calif., (December 16, 2002) – Aperto Networks, a leading provider of new-generation broadband wireless access systems, today announced it has closed $22 million in Series C equity financing, bringing the company’s total financial backing to $57M. Canaan Partners led the round, with significant participation from existing investors Alliance Ventures, Innovacom, Tyco Ventures and Satwik Ventures.
The new round will help Aperto expand its deployments well beyond the base of 32 service providers in 22 countries accomplished within the past 12 months. This extensive base of fixed wireless deployments now serves thousands of small and medium-sized enterprises (SMEs) in Europe, the Americas and Asia, and provides a strong foundation for Aperto’s expanded role in broadband convergence, including backhaul solutions in Wi-Fi (IEEE 802.11) hotspot and mobile networks.
"Aperto’s innovations have ignited new carrier business models by greatly increasing the capacity, coverage and cost-effectiveness of fixed broadband wireless networks," according to Deepak Kamra, general partner with Canaan Partners. "Providers are realizing both profits and high customer satisfaction with Aperto’s IP-rich and robust systems. With its clear performance advantage, Aperto is well-poised for market leadership." Kamra now joins the Aperto Networks board of directors.
"Our success in building a worldwide carrier base and demonstrating a strong growth path have been key to attracting this round of investors," said Aperto CEO, chairman and founder Reza Ahy. "We solidly executed on our business plan with pragmatic resource management. The PacketWaveâ solution has proven its viability as a carrier-class and business-grade network technology, and serves as a key element in broadband convergence. We look forward to extending our product reach from fixed broadband access for SMEs and SOHOs to the delivery of key solutions for Wi-Fi hotspot and cellular network backhaul."
About Aperto Networks
Aperto Networks is a leading provider of multiservice broadband wireless access systems for global markets. The company was founded to provide a breakthrough solution to one of today’s critical network bottlenecks - last-mile broadband access. Aperto’s practical, scalable systems and patent-pending technologies support new wireless builds and complement existing wireline broadband access technology. Shipping to carriers since 4Q 2001, the company has delivered commercial systems to over 20 countries, meeting their need for rapid network deployment, multiservice scalability, ease of installation, IP-rich network functionality, and cost-effectiveness. Aperto dramatically shortens the lengthy provisioning cycles for broadband services by enabling rapid service provisioning across dense urban to suburban locations. Investors in Aperto include Alliance Ventures, Canaan Partners, Tyco Ventures, Innovacom (France Telecom), Stratex Networks, Oki Electric Industry Company, Mitsubishi International Corporation, Ridgewood Capital, Satwik Ventures, Redwood Ventures and Labrador Ventures. For more information on Aperto Networks, go to www.apertonet.com.
About Canaan Partners
Founded in 1987, Canaan Partners is a leading venture capital firm with seasoned investment professionals and a deep focus on communications, software and life sciences opportunities. Canaan General Partners have extensive operating experience in manufacturing, finance, strategic planning, investment banking and legal affairs, enabling the team to provide portfolio companies with an unusually broad range of managerial and operational guidance. The majority of the firm’s General Partners have worked together since 1983. Canaan currently manages $2B in investment capital. For more information, contact www.canaan.com.