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Redline Communications Secures US$18 Million in VC Funding
Matrix Partners and U.S. Venture Partners Share Investment, Join Redline Board
TORONTO�July 26, 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".
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