 | |
 |
Foxcom Secures an Additional $8.5 Million in Latest Round of Funding
(Princeton, NJ) September 27, 1999 - Foxcom, an industry leader in broadband
fiberoptic communications infrastructure, today announced the close of a
their second round of funding, which netted the company an additional $8.5
million in capital. Financing was lead by CIBC Inc. of Ontario, Canada. The
addition of CIBC WMC illustrates Foxcom's emergence as a force in delivering
services and hardware for video and high speed data transmission to North
American and international customers who reside in Multiple Dwelling Units
(MDU) and garden estates.
CIBC's Israeli representative, Genesis Partners I, also participated in this
round. First time contributors were completed with the addition of AIG
Orion, a fund whose main investors include American Insurance Group, the
leading US-based international insurance organization, Microsoft Corporation
and Comcast. Each join original investors Apax Israel Growth Fund L.P.,
Israel Seed L.P., Eurofund L.P and Korea Technology Bank.
"Foxcom represents a sound opportunity for our investors. Cable and
high-speed internet access are no longer a luxury, but a standard service
requirement, and Foxcom clearly recognizes both the demand and market," said
Teddy Rosenberg, Managing Director at CIBC. "Foxcom products offer a
cost-effective way to deliver video and high-speed data to people demanding
the most advanced means to stay connected."
"We are excited to partner with Foxcom as they look to solidify their lead
in the fiberoptic communications arena," said Dr. Eyal Kishon, Managing
Partner at Genesis Partners. "As consumer hunger for high-speed connectivity
clearly increases, we see only one company, Foxcom, coming to the table with
a sensible solution to deliver these services."
"MDU's represent the perfect venue for Foxcom to become a major player, and
this latest round of financing enables us to expand our product portfolio to
aggressively target that market. This funding also gives our Israel-based R
& D organization the tools to create next-generation infrastructures that
keep pace with the demand for faster and cheaper connectivity solutions,"
said Dave Stehlin, president and CEO of Foxcom. "We are proud that CIBC, and
AIG Orion have come aboard. We are equally proud that each one of our
original investors has joined in this latest round as well."
"This investment in Foxcom represents a big step for the AIG Orion Fund,"
said Eyal Levy, Managing Partner for AIG Orion. "Foxcom is a company on the
move in a rapidly emerging market. We are confident about the innovative
solutions it brings to the communications industry."
The company offers Satellite Distribution TV System (SDTV)(tm), a
cost-effective, fiberoptic technology specifically developed for the
distribution of high-quality television, satellite and Internet services to
MDU's and garden estates. While most MDU's currently employ coax-based
systems for the transmission of these multimedia services, the need for
higher speed bandwidth is quickly rendering them obsolete. Foxcom's SDTV
presents a sound alternative in the form of a new, single-wire hybrid
fiber/coax distribution system that delivers DBS, local off-air TV, cable or
SMATV, and Internet services to every individual unit of a MDU from a single
antenna.
Foxcom's product offerings also include SAT-LIGHT(tm), a series of
fiberoptic interfacility links connecting antennas with control rooms or
broadcast headends. SAT-LIGHT is digital ready and provides transmission
over distances from 100m to 50km and its light-weight and flexibility make
for simple installation and its low attenuation allows for long distance
transmission.
About CIBC
About Genesis Partners I L.P.
About AIG Orion Funds
About Apax Israel Growth Funds
About Israel Seed
About Foxcom |
