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| May 09, 2005 | Press Release |
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| Entrisphere Raises $75 Million in Third-Round Financing |
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| Portfolio Company: Entrisphere (acquired by Ericsson (NASDAQ: ERIC)) |
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Entrisphere Surges Forward With $75 Million in Third-Round Financing; VantagePoint Venture Partners Leads Round; Joined by New and Existing Investors
SANTA CLARA, Calif., May 9 -- Building on its success with major carrier customers, Entrisphere today announced that it has closed $75 million in Series C financing. The investment will be used to further expand customer support, manufacturing operations, product development, and other key functions.
Led by VantagePoint Venture Partners, the oversubscribed round included all of Entrisphere's existing investment group-Accel Partners, Benchmark Capital, CDP Capital, Crosspoint Venture Partners, Duff Ackerman & Goodrich, El Dorado Ventures, Ontario Teachers' Pension Plan Board, and STAR Ventures.
Entrisphere also announced that Cynthia Ringo, managing director at VantagePoint Venture Partners, has joined the Entrisphere Board of Directors. "The telecommunications industry is facing an important inflection point in which there are new opportunities to deliver advanced communications and entertainment services to customers across North America," said Ms. Ringo. "Entrisphere has leading technology and has been the most responsive competitor when it comes to enabling this transition, and we are enthusiastic about working with the management team to continue to build the company."
"We are pleased with the confidence that our investors have shown in Entrisphere with this round of funding," said Mark Floyd, president and CEO of Entrisphere. "With this level of financial backing, Entrisphere will continue to succeed in the major carriers and strengthen our incumbency as a premier access equipment supplier. I am also pleased to have Cynthia Ringo join our Board of Directors. Her extensive experience in the telecom access arena will help us as we scale our company to meet the needs of our present and future customers."
About Entrisphere
Entrisphere is leading the business of access network evolution by simplifying network architectures, enabling multi-service delivery, and eliminating barriers to deployment flexibility and profits. Entrisphere's comprehensive access solutions-including the BLM 1500 system and T-Series fiber fed devices-ease migration for incumbent carriers by delivering advanced communications and entertainment services over circuit or packet networks based on PON or copper transport. With decades of experience supplying the global carrier market, the Entrisphere team uniquely understands the operational challenges of delivering advanced services while preserving competitive leadership. For more information, please visit: http://www.entrisphere.com/ .
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