September 29, 2004
Azaire Networks Secures $9 Million
in Series B Financing Led by Rustic Canyon Partners and Woodside
SANTA CLARA, Calif., September 29, 2004 –
Azaire Networks, a leading provider of Cellular/Wi-Fi convergence
network solutions, announced today the close of $9 million in Series
B financing led by Rustic Canyon Partners and Woodside Fund. Existing
Series A investors, including Convergence Partners, also participated
in the round. Azaire Networks will use these funds to expand the
company's sales and product development activities and increase
their marketing resources globally.
Rustic Canyon Partners is a West coast-based private equity firm
with extensive experience in middle-market technology companies
and Redwood Shores-based Woodside Fund is an early-stage venture
capital firm specializing in enterprise software and network infrastructure
companies. Both firms offer a strong understanding of telecommunication-related
investments and a deep operational involvement with entrepreneur
teams. Combined, the firms have $1 billion in capital under management.
In conjunction with this announcement, Michael Kim, a partner with
Rustic Canyon Partners and Dr. Robert Larson, co-founder and managing
director of Woodside Fund, have been elected to Azaire Network’s
board of directors.
“We believe Cellular/Wi-Fi convergence is a great opportunity.
We found that Azaire’s solution uniquely addressed the needs
of operators, allowing them to leverage their existing core network
investments,” said Mr. Kim. “We have tremendous confidence
in Azaire’s world-class management team, who bring experience
from leading mobile, IP, and data communications companies.”
“Azaire’s technology stands to revolutionize telecommunications
for the consumer and the industry as a whole,” added Dr. Larson.
“Carriers have an untapped need for Azaire’s Converged
Network Platform (CNP) solution because it easily integrates into
carrier networks with industry standard interfaces to provide a
seamless user experience.”
Azaire’s Converged Network Platform easily integrates onto
a carrier’s existing network providing key features like multi-authentication,
integrated billing, secure roaming, delivering common data services
and providing the end users with a unified user interface. Azaire
Networks has implemented its Converged Network Platform with leading
carriers worldwide, most recently with Rogers Wireless, Canada’s
largest GSM operator, Mobilkom Austria, Austria's leading mobile
carrier, and GoMobile, Malta’s fastest growing mobile operator.
The Platform is currently in trial with several other carriers.
"Mobile operators need to offer their customers a complete
set of wireless access technologies," said Keith Waryas, senior
analyst at IDC. "Doing this, however, requires that carriers
find partners that can provide the flexibility needed to seamlessly
merge multiple access networks, while providing an easy-to-use,
standardized interface for users."
“We appreciate the confidence and long-term view that both
Rustic Canyon Partners and Woodside Fund have in our vision of the
convergence marketplace,” said Bill Howe, President and Chief
Executive Officer of Azaire Networks. “Both firms’ years
of investment and prudent business experience will be invaluable
to Azaire’s future, and the recent funding will help us to
accelerate the delivery of Azaire's Converged Network Platform to
carriers around the world.”
About Azaire Networks
Azaire Networks enables network operators to integrate Wi-Fi into
their existing voice and data service offerings, helping these companies
achieve true converged services. The company’s unique Converged
Network Platform (CNP) enables operators to provide seamless access,
giving end users a common look and feel regardless of access technology
(GPRS, Wi-Fi, DSL, UMTS, etc.). The company is based in Santa Clara,
California with an office in the Netherlands. For more information,
About Rustic Canyon Partners
Rustic Canyon Partners is a leading West Coast-based investment
firm, investing primarily in venture capital stage and middle-market
companies positioned for strong growth. The firm currently manages
two investment funds, Rustic Canyon Ventures and Rustic Canyon Ventures
SBIC, with combined capital of approximately $700 million, making
it the largest venture capital firm based in Southern California.
With a unique footprint that covers Southern California, Silicon
Valley and the Pacific Northwest, and an extraordinary team with
diverse and complementary backgrounds, we provide the expertise
and strategic insight that prudent investment decisions require,
and the guidance necessary for sustained growth and superior returns.
For more information, visit http://www.rusticcanyon.com.
About Woodside Fund
Woodside Fund is a leading venture capital firm that excels in developing
seed- and early-stage technology companies. Founded in 1983, the
Fund attributes its long record of success to the high value it
places on building productive partnerships with entrepreneurs, investors
and other service providers. Typically a lead investor, Woodside
Fund invests from $5 million to $15 million in early-stage companies
focused on enterprise software and network infrastructure located
in Northern California and the West Coast. Woodside Fund has five
funds and actively manages more than $300 million in investments.
For more information, visit http://www.woodsidefund.com.
related questions or comments, please contact Matt Bolton at firstname.lastname@example.org
or phone 650.610.8050.