Aztek Networks Secures $7.5 Million in Series B Venture Financing
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Latest funding to fuel new distribution channels and rollout of additional Emergency Stand Alone telecommunications products
BOULDER, Colo., Aug. 22 / -- Aztek Networks, a leading provider of Emergency Stand Alone (ESA) switching products, today announced the closing of $7.5 million in Series B funding. The financing was led by the Telecommunications Development Fund (TDF), a previous investor in Aztek Networks. Other existing investors, including Sequel Venture Partners and Grotech Capital Group, also contributed to the financing, along with new investor Legend Ventures. The company, which has now secured a total of $14.1 million since its formation, also announced that James Pastoriza, managing director with TDF, will join the Aztek Networks board of directors.
Launched by Aztek Networks in June of this year, the Aztek 5000S ESA switching device is the first and only open-standards, environmentally hardened and fully redundant ESA switch. The 5000S helps ensure public safety by constantly maintaining local calling capabilities and subscriber access to emergency 911 services in the event the link to the primary host switch is severed due to an accident or natural disaster. In addition, the 5000S is an ideal solution for "switch collapse," whereby independent carriers can cost-effectively replace traditional legacy end-office switches and proprietary remote switching units. Since its launch just three months ago, the Aztek 5000S has received strong market recognition and is currently installed and operational within the networks of several incumbent telecommunications companies in the United States.
"Providing customers with continuous access to emergency services and 911 assistance is vitally important to telecommunications operators," said James Pastoriza, managing director with TDF. "Aztek Networks offers a highly focused, reliable and cost-effective solution to help operators ensure public safety and streamline their networks. With the successful launch and steady adoption of the Aztek 5000S, we are pleased to increase our support of the company as it expands its distribution channels and develops additional products that address new and emerging IP-based network services."
"We're pleased to have TDF lead this latest round of funding and appreciate the support of all our investors as we continue to build Aztek Networks into a successful telecommunications network supplier," said Steven Bruny, CEO of Aztek Networks. "This continued commitment by our investors, coupled with our initial success in rolling out the Aztek 5000S, further validates our vision that telecommunicates operators will see solid value in our technology solutions."
About Telecommunications Development Fund
Telecommunications Development Fund (TDF) is a specialized venture capital fund focused on seed, early stage and select later stage investments in communications. TDF is a venture capital firm with $90M under management in two funds for preferred equity investments between $500k and $2.5M. The fund is focused on investment opportunities in the communications sector, which include: broadband access, digital television and high definition (HD) technology and services, security information, continuity of service, public safety, disaster recovery and convergence.
About Sequel Venture Partners
Sequel Ventures Partners is a Boulder, Colorado-based venture capital firm specializing in early-stage funding for emerging technology businesses located primarily in the Rocky Mountain region. Managing over $400 million in capital, Sequel focuses its investments in the areas of information technology, communications technology and health care.
About Grotech Capital Group
Grotech Capital Group is a venture capital and private equity firm with a 22-year winning track record and approximately one billion dollars under management in six funds. Grotech, with offices in Maryland and Northern Virginia, is a recognized leader investing in information technology, health care and consumer companies.
About Legend Ventures
Legend Ventures is an early stage venture capital fund focused on New Media, Information Technology and Telecommunications opportunities. Legend takes an entrepreneur-centric approach and looks to partner with leading teams to help them build the most innovative companies in their industries. More information is available at www.legendventures.com/.
About Aztek Networks
Based in Boulder, Colorado, Aztek Networks is the leading provider of dedicated Emergency Stand Alone (ESA) switching products. The company's patent-pending True ESA(TM) technology is the basis for the first and only truly open-standards, environmentally hardened and fully redundant ESA switch. Aztek's TDM and IP-based ESA switches, when combined with next-generation multi-service access systems, offer incumbent telecommunications carriers reliable and cost-effective solutions for green-field access applications and the replacement of legacy remote switches. More information is available at www.azteknetworks.com/.
Guy Murrel (for Aztek Networks)
gmurrel@catapultpr-ir.com
303-581-7760 or 303-808-7793
Source: Aztek Networks
Web site: www.azteknetworks.com/ www.legendventures.com
