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28th July 2004 - Redline Communications Inc., a leading
provider of standards-based broadband wireless equipment,
today announced that it has secured US$18 million in
financing from Boston-based Matrix Partners and Silicon
Valley-based U.S. Venture Partners (USVP).
The financing will support the Company’s aggressive
international business development and sales and marketing
initiatives. It will enable Redline to enhance its research
and development, and ensure that the necessary resources
are in place to expand its customer trials with large
international carriers.
“The financing we have received will enable us
to capitalize on our first mover advantage in the 802.16
and WiMAX space,” said Majed Sifri, president and
CEO of Redline Communications. “We have already
demonstrated our leadership in bringing OFDM technology
to the forefront of this burgeoning market with our
802.16 products. With this financing in place, we can
continue to lead the market with innovative products.”
According to Skylight Research, the current market for
Broadband Wireless Access equipment is estimated at
$300 million, and is expected to grow to over $2.8 billion
by 2008. Redline Communications develops standards-based
products for this market, providing customers with a
cost effective solution for backhaul, access and private
network applications. According to Sifri, “Redline
leads the industry in performance, ease of installation
and support, providing unmatched, high capacity, non-line-of-sight
capabilities with proven performance, reliability and
security.”
In conjunction with the funding, Redline Communications
has also appointed Edgar Masri, General Partner at Matrix
Partners, and Tim Connors, General Partner at USVP to
its board of directors. “Both Masri and Connors
are highly regarded in the venture capital community,
and will prove to be valuable additions to our board
of directors,” said Sifri.
“We are investing in an organization that is delivering
tremendous return on investment for its customers and
has an impressive pipeline that clearly demonstrates
that their message is resonating with carriers and VARs,”
explained Masri. “Redline has demonstrated that
they are clearly ahead in both technology leadership
and customer traction with its 802.16-based solutions.”
Redline Communications represents the first investment
into a WiMAX Forum™ member company for both Matrix
Partners and USVP.
“While most talk about the promising future of
802.16 and WiMAX, Redline is already delivering on it,”
said Tim Connors, general partner at USVP. “Their
innovative solution has already proven to significantly
improve the economics for both large and small carriers
around the globe".
About Redline Communications
Redline Communications is a technology leader in the
design and manufacture of standards-based broadband
wireless access solutions. Using industry leading OFDM
technologies, Redline’s award-winning products
provide unmatched high capacity and non-line-of-sight
capabilities with proven performance, reliability and
security. Ideal for a variety of access, backhaul and
private network applications, Redline products meet
the needs of carriers, service providers and enterprises
worldwide. Redline is a principal member of the WiMAX
Forum™, and was first in the world to market an
802.16 compliant product. Redline has over 5,000 installations
in 60 countries across 6 continents through a global
distribution network of 80+ partners. For more information,
visit www.redlinecommunications.com.
About Matrix Partners
Since its inception in 1977, Matrix Partners has been
dedicated to helping outstanding entrepreneurs build
successful companies. Our mission is helping our founders
and management teams build the next great companies
of tomorrow and often entire new industries. We bring
the collective resources of the Partnership to each
investment, giving you, the entrepreneur, access to
all of our experience. Our approach sets us apart from
most other venture firms and is the reason why so many
of our successful entrepreneurs, when starting their
next company, return to Matrix first. This approach
has propelled Matrix Partners to be the most successful
venture firm in the United States during the last ten
years with its last three partnerships having record-setting
returns. For more information, visit www.matrixpartners.com.
About U.S. Venture Partners
U.S. Venture Partners (USVP) is a leading Silicon Valley-based
venture capital firm dedicated to helping entrepreneurs
build world-class companies that are leaders in their
industry. USVP focuses on early stage opportunities
in sectors where the Partners have the domain expertise,
operating experience and network of relationships to
provide meaningful contribution to the success of the
enterprise. These sectors include digital communications
and networking systems, Internet and eCommmerce infrastructure,
semiconductors and optical components, enterprise and
technical software, and medical devices and biopharmaceuticals.
Since its inception in 1981, USVP has raised more than
$2.5 billion in eight funds, including a $1 billion
fund that closed in January 2001. For more information,
visit www.usvp.com.
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