June 7, 2006 Chicago, IL -- ANDA Networks has closed an additional $10.5 million round of equity funding, which will be used for global expansion to support new international customer Ethernet deployments. According to company representatives, worldwide shipments will have more than doubled compared with the last half of 2005.
The new round's largest investors include Venrock Associates, Highland Capital Partners, and Crimson Investment. Additionally, 14 other large financial institutions invested in the round.
Also announced at Globalcomm, ANDA has certified, type approved, shipped, and deployed equipment in 12 new countries outside of ANDA's U.S. and Canadian customer base. Building on the EtherTone product family in North America, ANDA will further expand its sales, marketing, and support in Europe, Asia Pacific, and Latin America. The new round of funding allows ANDA to accelerate its footprint worldwide; Current Analysis estimates the market for carrier Ethernet Services will grow to over $23B by 2008.
"We believe that ANDA's hybrid silicon valley-China business model is the leading example of a cash-efficient network startup while winning key Tier-one customers, including Verizon (worldwide), Bell Canada, and Rogers Communications for metro Ethernet service deployments," contends Tony Sun, managing general partner, Venrock Associates. "This business model is an attractive investment because it permits a company to reach profitability at a fraction of the capital required using a traditional U.S. based cost structure."
ANDA EtherTone equipment provides Ethernet access, aggregation, and transport for consolidating Managed Ethernet Private lines, such as E-Line and E-LAN, and now wireless backhaul applications, such as WiMAX, WiFi or cellular extensions for business customers requiring a simple Ethernet interface at the customer premise with connection into the Packet Switched Network.