September 30, 2002--Overture Networks, a developer of a unique class of multi-service products that enables carriers to deliver voice and data services over metro Ethernet/IP networks, announced the completion of its $15 million second round of financing.
The round was led by new investor Morgenthaler Ventures and also includes first time investments from Armada Ventures and Intersouth Partners. Gray Ventures and other existing investors also participated in the round.
In related news, Overture Networks named Krish Prabhu of Morgenthaler and Harry Marshall of Armada to its Board of Directors.
Overture Networks' technology enables carriers to build a network that can generate new revenues from high-speed packet services while preserving the revenue of traditional voice/data/video services. Carriers can use their existing network facilities where appropriate and move towards a data-optimized network that can keep pace with the escalating bandwidth needs of their customers. By doing so, they can optimize their network investment to maximize revenues, lower costs, retain existing customers and expand their service opportunities. The Overture platform is currently in trials at several major carriers.
For more information about Overture Networks (Research Triangle Park, NC), visit the company's website at www.overturenetworks.com.