SOMA Networks gets $50 M funding
By agencies   |   Wednesday, 15 June 2005, 19:30 IST
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SAN FRANCISCO: Yatish Pathak founded SOMA Networks Inc., which sells equipment for high-speed Internet access over wireless networks, has raised $50 million funding to continue expanding its overseas business. The capital was raised in two separate rounds. The San Francisco based company closed $15 million from undisclosed strategic investors in December and $35 million from venture capital firms and others last week. The additional $35 million was led by Temasek Capital Pte., part of Singaporean investment company Temasek Holdings Pte. NeoCarta Ventures Inc. and Morgan Stanley Venture Partners, two U.S. venture firms, and Endeavour Investments Ltd., a Geneva investment fund also took part in the funding. SOMA sells its products directly to telephone companies. It pitches its services as a way for companies looking to serve more customers or to get into the broadband market to win subscribers without hefty capital outlays for wireline infrastructure. Founded in 1998, SOMA has been selling in Asia for at least a few years, in countries such as Malaysia, Singapore, India, Thailand, Vietnam and Australia. It also sells its products - base stations and "terminals" or router-like boxes - in the U.S., Canada, Latin America, the Caribbean, and Europe. SOMA Chief Operating Officer Greg Caltabiano said the proceeds from the recent funding will go towards hiring, training business partners, setting up partnerships and reselling agreements, and doing more product development.

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