Navini Networks gets $25 M in additional financing

By siliconindia   |   Thursday, 10 April 2003, 19:30 IST
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RICHARDSON: Navini Networks, Inc., a provider of non-line-of-sight, zero-install, wide-area wireless broadband technology, on Wednesday announced it has successfully raised an additional $25 million in Series C funding. The round, one of the largest wireless venture rounds so far this year, brings the company's total funding to over $91 million. Austin Ventures, Granite Ventures, Sequoia Capital and Sternhill Partners, all existing investors in the company, led the new round of financing. "In the midst of a very challenging economic environment, Navini has raised a sizable round under very favorable terms," said Alastair Westgarth, president and chief executive officer at Navini Networks. "That fact alone further proves the strength of the company's superior technology, valuable employees, solid business plan, and the confidence of the investment community. Given the incredible traction we are having in the global marketplace, this should be our last round of funding," Westgarth added. Navini plans to use the new funding as working capital to primarily expand global sales and marketing efforts and further its research and development initiatives. "Navini has clearly demonstrated positive momentum in terms of customer deployments around the world," stated Ed Olkkola, general partner with Austin Ventures and a member of the Navini board of directors. "Accelerating deployments in all geographies proves the Navini system delivers a rational, profitable business model for service providers. On that basis, we are confident of Navini's success and stepped up our commitment to the company in this funding round." Over the past several months, Navini Networks has announced additional deployments and trials of its Ripwave products with the following companies: BellSouth, Daytona; IBAX, Italy; IntroWeb, The Netherlands; Liberty Technologies, Panama; Rioplex Wireless, Rio Grande Valley; Sprint, Houston; WINTEL, Trinidad and Tobago; and YourInter.Net, Indiana, Pennsylvania. Navini Networks' Ripwave products use advanced smart antenna beamforming technology to deliver multi-megabit broadband data rates up to 8 miles from the base station in an indoor, plug-and-play, non-line-of-sight environment. The company supplies modems in PCMCIA card or small desktop form factors, which can operate in an untethered fashion anywhere within the service provider's coverage area - in a café across town or a hotel across the country. Advanced base stations and a robust element management system round out the company's offerings to service providers.