Software developer Rev D Networks announces $22 million (CDN) financing
Rev D Networks Inc., a telecom software company, today announced the completion of a $22-million (CDN) round of equity financing. The company has also acquired ownership rights to key technology and associated patents from Bell Canada. In addition, it will provide support services to the product platform developed by Bell based on that software technology, which has been in operation in Bell Canada's network for more than two years.
The software runs on a standard computer hardware platform residing in the public switched telephone network (PSTN). It reduces cost by routing calls more efficiently, say company representatives. It will also allow applications developed for next-generation Internet-Protocol (IP) telephony networks to cost-effectively access users connected to the traditional PSTN.
"Our product enables unprecedented cost reduction and new revenues for service providers, and this equity funding allows us to expand our offerings," asserts Brian Joe, founder and acting chief executive officer of Rev D Networks. "We expect to be aggressively deploying products to other service providers and enterprise clients this year," he adds.
The company's Series A round of financing was completed January 31, 2003, and was co-led by Orinda; California-based Newbury Ventures; and Toronto-based VenGrowth Capital Partners Inc. Other investors include BDC Venture Capital, BEST Discoveries Fund, and a number of other firms and private investors.
