Hatteras Networks announces $45 million in new funding
August 28, 2002--Hatteras Networks, developer of last-mile carrier access platforms, today announced the closing of an additional $45 million in venture capital funding.
August 28, 2002--Hatteras Networks, developer of last-mile carrier access platforms, today announced the closing of an additional $45 million in venture capital funding. Led by Grotech Capital Group and fully supported by existing investors Bessemer Venture Partners, Columbia Capital, and ComVentures, the new round raises the company' s total capital investment to date to more than $73 million. The company intends to use the money to fund carrier product trials and the ongoing development and sales of its Access Class Ethernet platform.
"Hatteras ' Access Class Ethernet solution solves a fundamental business problem facing carriers today as they roll out additional data services to business customers-how to reap more revenue from current access assets, while migrating to a more profitable operational model," explains Thomas McPherson, president and chief executive offiver of Hatteras Networks. "As a result, there is very strong customer interest in our solutions as Hatteras enables carriers to make a fundamental breakthrough in the economics of last-mile networking. Once installed, carriers can quickly generate significant short-term revenue and realize a rapid return on investment due to the lower capital and operational impact."
"All of the major carriers in the U.S. have announced their intent to deliver Ethernet services. In order to meet that commitment and customer demand they must make substantial network investments over the next five years," adds Frank Dzubeck, president of Communications Network Architects Inc. (Washington, D.C.). "Today, these new services are limited to niche markets, as only about 10 percent of current carrier customers are connected to the fiber infrastructure required to deliver Ethernet services. Hatteras Networks' technology allows carriers to take immediate advantage of new Ethernet services demand without trenching new fiber--thereby offering, for the first time, the potential to reach every applicable last-mile customer. Based upon this clear market fact, it is no surprise that carrier and investor interest in Hatteras is high," he contends.
Hatteras' Access Class Ethernet technology enables carriers to deploy high-capacity Ethernet data services over either their existing fiber or copper infrastructure while maintaining and evolving existing T1 and TDM services. Using Access Class Ethernet, carriers can now deliver scalable, high-speed data services to 100 percent of their potential business customer base. In addition, carriers can leverage Access Class Ethernet to streamline and simplify network deployments and ongoing operational management.
For more information about Hatteras Networks (Research Triangle Park, NC) visit the company's Web site at www.hatterasnetworks.com.