MARCH 29, 2007 -- Following the commissioning of a transoceanic submarine cable upgrade, Azea Networks (search for Azea) has secured a Series D funding round of more than $20 million led by TVM Capital and supported by its existing investors.
Mike Hynes, Azea's chief operating officer, comments, "The successful completion of our latest project once again validates the compelling business case for upgrades whereby carriers can optimize their existing assets and offer new services."
Azea is already backed by top-tier venture capital investors from both the US and the UK, including Accel Partners, Atlas Venture, and Quester. The company reveals that new investor TVM Capital of Munich, Germany, and Boston, MA, has led this additional funding round to provide working capital for further technical and business development and to take the company to profitability.
"We have been impressed by Azea's experienced team and their innovative approach to solving the global telecommunications operators' dilemma of achieving profitable growth," says Chris Cobbold of TVM Capital, who has also joined Azea's board of directors.
Scott White, chief executive officer of Azea, observes, "This funding round reflects the continued confidence of our existing investors, and validation from new investor TVM Capital of the submarine optical upgrade market opportunity and Azea's potential for growth."
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