|WiNetworks Secures $11 Million
in VC Funding
Other Topics: WiMAX Services
July 31, 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. 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 well-suited 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
"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
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: http://www.evergreen.co.il
WiNetworks specializes in Wireless and Digital Video Broadcast solutions
based on innovative and patented Hybrid WiMAX DVB (HWDV(TM)) 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
http://www.winetworks.com for more information about WiNetworks.
(c) 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.
Press Contacts for WiNetworks:
Marketing Communications Manager
Tel: +972-9-951-9556 ext. 131
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