February 18, 2000
SS8 Networks Upgrades Multimedia
Over the Net With Financing From Woodside Fund
Woodside, CA - Woodside Fund is the lead investor in a $10
million first round financing for SS8tm
Networks, Inc. This new IP (Internet Protocol) signaling startup
company based in San Jose, CA is developing a signaling engine
that provides a breakthrough solution required for multimedia communications
over the IP networks. The company has been co-founded by CEO Henry
Wong, a three-time successful entrepreneur in the communications area.
SS8tm Networks will offer a signaling
solution for IP, analogous to what SS7 offers for the PSTN -- a
huge market potential. The IP telephony signaling market is predicted
to reach $1.7 billion by the year 2003, according to a 1999 study
by Probe Research. "SS8tm Networks
is a very attractive investment opportunity because a robust solution
and dominance in this market should create exceptional value and
deliver outstanding returns for Woodside Fund and other SS8tm
Networks investors" says Woodside Fund Principal Daniel H. Ahn.
Other investors include Onset Ventures, CIT Group Ventures, and
Sofinov. Woodside Fund Managing Director Vincent M. Occhipinti and
Onset Ventures Partner Susan Mason will join the SS8tm
Networks board of directors.
The IP network, which was originally designed for carrying non-real
time data traffic on a best efforts basis, is unequipped to handle
telephony and video applications due to lack of a high performance
and reliable signaling system. SS8tm
Networks is the first company developing high performance, scalable,
reliable and secure IP signaling routing and switching solutions.
Their innovative Universal Signaling Model (USM)tm
technology will enable competing Internet service providers to deliver
high performance and differentiated telephony for voice and Advanced
Intelligent Network (AIN) services such as universal portable number,
Internet roaming, and unified messages.
Woodside Fund’s Managing Director Vincent M. Occhipinti anticipates
rapid growth in the need for SS8tm
Networks’ products in the market. "I am very excited by the potential
market demand for the company’s solutions, and the great attention
generated in this area, as well as the talent and dedication of
the company’s founders," says Mr. Occhipinti.
Woodside Fund is a leading player in the Northern California venture
capital arena that specializes in developing early stage information
technology ventures. Founded in 1983, the firm has grown to four
funds under management. Woodside Fund has achieved success by investing
in high growth potential companies like SS8tm
Networks in specific industries: Internet and electronic commerce,
computer software, telecommunications, and networking. Investing
in these industries leverages the expertise and business relationships
of Woodside Fund professionals, who typically serve as directors
of the companies in which they invest. All Woodside Funds have performed
in the upper quartile of the industry for venture capital partnerships
formed in their respective vintage years.
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