Azaire Networks Inc., a leading Fixed Mobile Convergence (FMC) solutions supplier, announced today it has secured $21 million in new funding. Led by Investor Growth Capital, a new investor in the company, Azaire will use these funds to augment the company's sales and marketing programs, as well as support ongoing operations to accelerate revenue growth. Existing Series B investors Convergence Partners, Rustic Canyon Partners and Woodside Fund also participated in the round.
Mike Ricks, CEO of Investor Growth Capital Asia Limited and head of the firm's Menlo Park, California office, will join Azaire Networks' Board of Directors. He is the former President of Ericsson China. "IGC is excited to assist Azaire Networks in fulfilling its vision of helping operators and service providers in the near future offer 'All Services Everywhere.' In our analysis of multiple fixed mobile convergence solutions providers, we selected Azaire based on its product leadership with the first 3GPP-compliant IWLAN Fixed Mobile Convergence solution, early customer traction with more than 10 deployments worldwide and outstanding leadership team."
Azaire Networks' IP Converged Network Platform (IP-CNP) enables service providers to offer mobile broadband services through the creation of hybrid networks. Hybrid networks integrate wide area cellular and IP access networks (such as Wi-Fi and WiMAX), allowing operators to extend their 2.5G/3G footprints quickly and cost effectively. Service providers are able to offer new mobile broadband services that increase revenues and improve customer loyalty, while business users and consumers receive the content they desire on the best available network.
"Mobile operators are recognizing they are in a new business -- providing mobile broadband services to users who want their data, games, video and other information anytime, anywhere," noted Richard Webb, Directing Analyst, Wireless for Infonetics Research. "Operators can offer users a fast and cost-effective solution through Azaire Networks' hybrid network approach. Users get the best of both worlds: the cost-effective connection of an IP-based network with the mobility of cellular networks."
"We are excited to add Investor Growth Capital to our investor group as well as have all existing investors participate in this new funding round," said Bill Howe, Azaire Networks' President and Chief Executive Officer. "Our vision since day one has focused on providing operators a cost-effective solution they can deploy today to increase subscriber revenues by taking advantage of Hybrid Access Networks. The continued enthusiasm of our existing investors, the new participation of Investor Growth Capital and the market shift toward a focus on mobile broadband services reaffirms our strategy."
About Azaire Networks Inc.
Azaire Networks' IP Converged Network Platform is the first 3GPP-compliant IWLAN solution that enables service providers to cost effectively extend 2.5G/3G network coverage and offer mobile broadband services through the creation of hybrid networks. Azaire Networks has deployments in Europe, North America and Asia; with customers including Chunghwa Telecom, T-Mobile, SingTel-Optus, Rogers Wireless, Mobilkom Austria, GoMobile and several others, with additional operators currently testing the IP-CNP.
Azaire Networks' hybrid network approach enables business users and consumers to receive the broadband mobility and new services they desire on the best available network. The company is headquartered in Santa Clara, California with offices in Germany, India, and the Netherlands. For more information, please visit www.azairenet.com.
About Investor Growth Capital
Investor Growth Capital is a venture capital and private equity advisory group wholly owned by Investor AB, the largest Nordic industrial holding company and leading shareholder in several multinational companies, including AstraZeneca, Ericsson, and SEB. For almost a century, Investor AB's business concept has been to build best-in-class companies in sectors where the group has a strong knowledge and networking advantage. Investor Growth Capital shares this investment philosophy and leverages Investor AB's extensive global network of companies and senior managers. Investor Growth Capital focuses on investments in growth companies in the IT and healthcare sectors in Europe, North America and Asia. For more information, go to: www.investorgrowthcapital.com.