Light Reading, November 18, 2003
Native Raises an Extra $4.3M
| MAIDENHEAD, U.K. -- Native Networks announced today that it has extended its third round of financing, raising a further $4.3 million, this is in addition to the first phase of third round financing the company announced five months ago, taking the total for the third round to $15.8M US Dollars.
|Participating in the second phase were two new investors Tamir Fishman Ventures (TFV) and Genevest. Phase one of the third round in July 2003 was funded by a new investor, Israel Infinity and by Native Networks existing investors; Alta Berkeley Venture Partners, Anschutz Investment Company, Apax Partners, Delta Capital Investments, Israel Seed Partners, JVP, SkyPoint Capital Corporation, and Soros Private Equity Partners.
"I would like to welcome Shai Shaul from TFV and Amnon Yacobi as new members of our board of directors. Their vast operational experience in a number of successful companies will be an great asset to Native Networks as we enhance our sales and operations capability", said Rami Hadar CEO of Native Networks. "Native has now commenced commercial shipments of it's EMX3660 platform sold via an OEM partnership with Alcatel Telecom, and the proceeds from this additional series-C investment will be used to facilitate our transition from a development stage organisation, into a revenue generating company", he added.
Founded in 1999, Native Networks has now raised a total of $45 million over three financing rounds. Native Networks is developing evolutionary Metro Ethernet infrastructure for carriers and service providers, and leveraging an OEM go-to-market strategy by partnering with leading telecoms vendors worldwide. In February this year Native Networks announced itís first OEM and joint development partnership with Alcatel Telecom.
Native Networks Ltd.