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FiberZone Networks Secures $8 Million Series B Financing28 March 2006
FiberZone Networks Inc., a provider of automated connectivity systems for the efficient management of the physical fiber optic infrastructure, announced today the closing of its second round of venture financing. The deal was led by Novak Biddle Venture Partners, with existing investors Portview Communications Partners and Stage One Ventures participating. The $8 million round brings the total investment in FiberZone to $11 million. The funding will enable the company to enter the market later this year, following Beta trials with tier one customers scheduled for the spring and summer.
"We are always attracted to companies addressing a large market opportunity with a sustainable technology advantage," said Tom Scholl, Novak Biddle Venture partner. "FiberZone is tackling a major, unfulfilled requirement of fiber network operators that will only get bigger as fiber pushes out to the end-user. Their technology is uniquely suited to fiber management applications, with very strong optical performance, power-less latching mechanism, and scalable, low-cost architecture. This compelling combination of a strong value proposition and favorable competitive advantage has led us to make our first investment in a company based outside of the US," Scholl added.
"We have witnessed FiberZone generate strong demand for its fiber management solutions from many of the biggest carriers in the world," said Julie Kunstler, managing partner of Portview. "We are delighted to continue supporting the company as it evolves from initial product development to market entry."
"We shared the vision of the FiberZone founders in 2003 that lowering the cost of ownership of the fiber infrastructure was a key industry imperative," said Moshe Katzenelson, of Stage One. "Now that network operators are investing in their networks again, it is clear that FiberZone is coming to the market with the right product at the right time."
"We are proud to have a strong, US-based investor, with industry knowledge and contacts leading our Series B round," said Gil Eyal, president and CEO of FiberZone. "Novak Biddle has an incredible track record of building successful technology companies, and their experience complements the vast domain expertise of Portview and Stage One. We greatly value the continued support of our existing investors, whose substantial follow-on investment is an indication of their confidence in the company and market opportunity."
About FiberZone
FiberZone Networks provides connectivity systems for the efficient and fully automated management of the physical fiber optic infrastructure. FiberZone's Automated Fiber Management (AFM) products offer rapid return on investment by enabling network operators to provision, manage, and troubleshoot networks end-to-end without having to perform on-site servicing. FiberZone's platforms guarantee improved levels of service and fewer network faults, thereby lowering total cost of ownership of the fiber infrastructure. The innovative FiberZone AFM technology also enables carriers to generate new revenue streams through on-demand service provisioning.
For more information, please visit http://www.fiberzone-networks.com/.
About Novak Biddle Venture Partners
Novak Biddle Venture Partners is a leading early stage venture capital firm focused on unique, cutting edge technology investments in the Eastern United States, as well as targeted opportunities nationwide. With over $350 million under management, Novak Biddle operates four venture funds that currently provide equity financing and management assistance to 31 portfolio companies. Novak Biddle continues to seek business situations where the combination of ideas, dollars, experience, and relationships can create long term, sustainable value. A sampling of companies funded by Novak Biddle include: RFID firstmover Matrics, voice over IP trailblazer Telogy, education technology leader Blackboard Inc. and intelligent video surveillance pioneer ObjectVideo.
For more information, visit http://www.novakbiddle.com.
About PortView Communication Partners
PortView Communication is a specialized, international venture capital fund investing in the technologies, systems, and applications that will be at the heart of next-generation communications networks. Portview's focus is "TCB -- Things Carriers Buy". Portview Communications backs a limited number of high potential, early stage communications companies in Israel and the US.
For more information, visit http://www.portviewcommunications.com
About StageOne Ventures
StageOne Ventures is an Information and Communications technology fund, which invests in Israeli-related start-ups, focusing on early-stage ventures based on breakthrough, next-generation technologies. The fund provides financing and professional guidance to early-stage companies, through its expert team and the technological and financial strength of its sponsors, primarily Bezeq (the leading Israeli telecom group).
For more information, visit http://www.stageonevc.com
Source: prnewswire
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