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| New Investor, Azure Capital Partners, Leads Round with Current Investors - Duchossois and Lightspeed |
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Personeta | , | November 01, 2005
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NAPERVILLE, Ill. (November XX, 2005) – Personeta, a leader in network service control and IMS (IP MultiMedia Subsystems) application servers, today announced that it has secured $12 million in additional equity financing in a series D round.
"We are seeing the demand for new revenue generating services from telecommunications and wireless carriers, and the difficulty in getting them to market," said Anil Patel, senior associate, Azure Capital Partners. "Personeta solves pain points currently unaddressed in the quickly ripening marketplace, and we see tremendous growth potential from our investment in the company."
New investor, Azure Capital Partners, a venture capital firm based in San Francisco with more than $500 million under management, led the round with current investors Duchossois Technology Partners and Lightspeed Venture Partners also contributing. Joining Personeta’s Board of Directors is Paul Ferris, General Partner of Azure Capital Partners. A portion of the funds will help continue Personeta’s product expansion and significant overall business growth throughout the United States and the EMEA market.
"Telecommunications service providers are seeking out a solution offering that can make network integration simple, enable new revenue generating services and most importantly, new services that make them unique. Personeta’s solution offering addresses these needs," said Gill Cogan, General Partner of Lightspeed Venture Partners. "The simplicity, personalization and ROI – both in the short-term and long-term – of Personeta’s offerings are what make it a solid company for us to continue investing in."
Personeta solutions help service providers maximize their existing capital investments in Intelligent Networks (IN) equipment and services, while facilitating a smooth migration to IP-based networks. Personeta’s TappS™ NSC speeds time to market and introduction of new service offerings. It also delivers the same services over any combination of network technologies – fixed, mobile, VoIP and broadband.
"Five years ago, Personeta foresaw the inevitable convergence of voice and data networks, and we brought to market solutions that would facilitate new applications and reduce overall costs," said Mark McIlvane, president and CEO of Personeta. "There’s no question that there’s a need for such a solution in the marketplace; it’s been a question of ‘is this really possible?’ This latest round of funding from Azure, Duchossois and Lightspeed validates that it really is possible and that we are providing a solid solution to some of the industry’s most pressing issues."
About Azure Capital Partners
Azure Capital Partners is a venture capital firm with over $500 million under management, headquartered in San Francisco, California. The Azure team is recognized for industry thought leadership and a unique professional investment approach to venture investing. Our proven methodology and primary research enable us to identify young companies in attractive markets whose business models provide sustainable competitive advantage. For more information visit, www.azurecap.com.
About Duchossois Technology Partners
Duchossois Technology Partners is a leading early stage venture capital firm based in Chicago. DTEC invests in early-stage companies and targets the networking, semiconductors and software sectors. DTEC is dedicated to helping entrepreneurs build market-leading companies and takes a value-added approach to investing. DTEC provides its portfolio companies over fifty years of operating and investing experience and a deep network of relationships. For more information visit, www.duchtech.com.
About Lightspeed Venture Partners
Lightspeed Venture Partners combines extensive venture capital and operating experience to assist entrepreneurs in creating industry-leading technology companies. Lightspeed manages $2.3 billion in funds and focuses on early-stage investments in the United States and Israel. The partners of Lightspeed have contributed to the success of more than 275 companies since 1971, including AirGate PCS, Brocade, Ciena, Electronics for Imaging, FedEx, Galileo Technology, Genesys Telecommunications Laboratories, Informatica, Kiva Software, Phone.com, Quantum Effect Devices, Sirocco Systems and Vantive. For more information visit, http://www.lightspeedvp.com.
About Personeta
Personeta is a leading provider of intelligent network service creation and delivery platforms that enable carriers to improve profitability with value-added voice, data and video services. Personeta solutions help service providers maximize their existing capital investments in IN equipment and services, while facilitating a smooth migration to IP-based networks. Personeta’s TappS™ NSC speeds time to market and introduction of new service offerings. It also delivers the same services over any combination of network technologies – fixed, mobile, VoIP and broadband. Personeta’s corporate offices are located in North America and its technology center is based in Israel. For more information visit, www.personeta.com
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