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04/17/2007

Mavenir Systems Closes $20.5 Million Series B Funding

 

Mavenir Systems announced it has closed its second round of funding totaling $20.5 million. New investor Alloy Ventures led the round with participation from the original Series A investors, Austin Ventures and North Bridge Venture Partners. Mavenir has raised a total of $34 million since October 2005.

Ammar Hanafi, partner in Alloy Ventures, will join Mavenir's board of directors. Hanafi previously led Cisco's new product efforts in the enterprise datacenter market and prior to that their acquisition efforts for major new businesses, including optical networking and integrated voice and data infrastructure and applications.

“Mavenir has the mix for success - a team of wireless start-up veterans leading the company, tier-one carrier customers who see the value of partnering with Mavenir to solve their challenges, and a market-ready solution that helps these customers create new streams of revenue,” said Hanafi.

“Mavenir has clearly demonstrated they have a compelling product for the marketplace as evidenced by the strong interest of service providers,” said Ben Scott, independent Mavenir board member, and former CEO of broadband service provider IXC Communications, as well as former CEO of mobile services provider PrimeCo Personal Communications. “Initial and current product deployments continue to bring in the results we expected and validates our commitment to help Mavenir reach its goals.”

“We truly scrutinized the investment needed, and based on the momentum we've been able to achieve, our partners within the venture capital community responded quickly and valued Mavenir Systems highly,” said Pardeep Kohli, President and CEO of Mavenir Systems. “This will enable us to execute on our next phase of expansion into the global communications market.”

Mavenir will use the capital to continue its product implementation and testing phases with service providers and partners globally, build its sales and operations teams and pursue research and development activities for its emerging network technology solutions. The company's mOne solution allows wireless and wireline service providers to utilize their existing and next-generation networks to deploy multimedia seamlessly across mobile and fixed domains, without investing in costly new infrastructure, and expand their revenue opportunities.

Mavenir Systems' solutions transcend barriers dividing networks. Through an innovative approach to delivering multimedia capabilities, Mavenir is accelerating next generation service delivery. Mavenir enables providers to expand revenue streams with an optimized solution. Mavenir's mOne is designed to be introduced seamlessly into fixed, mobile and broadband networks, while allowing for scaling cost-effectively from small to very large service deployments. Mavenir is based in Richardson, Texas, and has international offices in Shanghai, China, and Bangalore, India. The company is financially supported by Austin Ventures, North Bridge Venture Partners and Alloy Ventures.

For more information, please visit www.mavenir.com