Convedia Corporation, a leading provider of next-generation media server solutions for the global communications market, today announced that it has secured $US 20 million in its third round of funding.
The financing, led by Silicon Valley - based Mayfield, also included participation from Ventures West and Entrepia as well as strong participation from Convedia's existing investors Wesley Clover, Ontario Teachers' Pension Plan, and Altamira. The company has now raised approximately $US 50 million since its inception in 1996.
"We are extremely pleased with the completion of this round. It gives us the financial resources necessary to become the dominant player in providing advanced media processing solutions to the packet voice communications market," said Peter Briscoe, Founder, President & CEO of Convedia. "Securing an investment of this size, especially in the current economic climate, is a strong vote of confidence from Convedia's investors in our management team, our technology and our target markets."
Convedia's media servers allow telecommunication service providers around the world to reduce service delivery costs and increase revenues through new approaches to enhanced services.
Convedia's servers are a key component of the emerging softswitch architecture and are required for a variety of traditional and emerging telecommunications services such as those requiring voice and video conferencing, speech recognition, voice messaging and network announcements/IVR capabilities.
"Convedia fits very nicely into our communications infrastructure investment strategy," said Janice Roberts, General Partner of Mayfield. "This is the first Canadian investment that our fund has made and we are very impressed with Convedia's combined market and product vision and the depth of their management team."
Convedia will use the funds to further accelerate major carrier sales and marketing initiatives while maintaining a strong focus on product development. In addition, the company plans to establish US offices and strengthen its commitment to the Asia Pacific region.
The company concurrently announced that Mayfield's Janice Roberts, and Sam Znaimer, Senior Vice President with Ventures West, have joined Convedia's Board of Directors. Roberts and Znaimer join an impressive line up of prestigious board members which include Dr. Terry Matthews, founder of Mitel, Newbridge Networks and March Networks, Greg Aasen, co-founder of PMC-Sierra, and Convedia's Peter Briscoe.
"Sam and Janice are valuable additions and I am excited to welcome them to the board," said Dr. Terry Matthews, Convedia's Chairman.
Roberts brings a wealth of relevant communications industry expertise and experience to the board from executive positions in the US and Europe. Most recently as Senior Vice President, Business Development at 3Com Corporation, and President of 3Com Ventures, Roberts early-stage investment portfolio included Juniper Networks, Extreme Networks and Alteon WebSystems.
During her tenure at 3Com, Roberts also managed a number of new business initiatives, including its highly successful Palm Computing subsidiary. Znaimer was educated at Harvard and MIT and is a highly respected 18 year venture capital veteran who has focussed on telecommunications and information technologies start-ups.
According to Znaimer, "Convedia is a premier company in Venture West's communications portfolio. We believe they are years ahead of their competition and have the telecommunications expertise and management discipline required to leverage their market position and technology leadership into a highly successful, global telecommunications player."
Mayfield provides Venture Capital with Impact and creates next-generation technology companies in communications and enterprise software. Since Mayfield's founding in 1969, the firm has invested in more than 425 companies and has taken approximately 115 companies public. Today, these Mayfield-backed companies represent an aggregate market value of more than $150 billion.
Examples of Mayfield portfolio companies in the communications industry include BeVocal, Jetstream Communications, Nuance and Voxeo. For additional information visit www.mayfield.com.
About Ventures West
Ventures West is a private, professional venture capital management group, which manages over $400 million in risk capital. Established in 1968, Ventures West is one of Canada's pre-eminent technology investment organizations.
It invests in young technology companies across Canada from offices in Vancouver, Toronto and Ottawa. Ventures West's investment focus is on companies in the telecommunications, biotechnology, information technology, and power technology sectors. For further information visit www.ventureswest.com.
Convedia Corporation is the leading supplier of next-generation, softswitch-compliant media servers that enable communication service providers to rapidly deliver innovative and differentiated voice and video services over Internet Protocol (IP) and ATM networks. Convedia is headquartered in Vancouver, British Columbia, Canada, and financed by leading venture capitalists.
For additional information about Convedia, its products or the role of media servers in the softswitch architecture, visit www.convedia.com.
Convedia is a trademark of Convedia Corporation
CONTACT: Convedia Corporation by Interprose PR Mike Stephens, 613/623-3275 firstname.lastname@example.org or Convedia Grant Henderson, 604/918-6309 email@example.com