Pannaway Raises $10M

Pannaway Technologies announced that it has closed an additional funding round of ten million dollars

October 31, 2006

1 Min Read

PORTSMOUTH, N.H. -- Pannaway Technologies, Inc., designers and developers of next-generation, converged IP broadband systems to telecommunications companies, announced today that as a result of its business performance over the preceding twelve months and growing forward-looking momentum, it has closed an additional funding round of ten million dollars with participation from over thirty private investors.

The fundamentals of Pannaway's business continue to strengthen as evidenced by 625% growth in its customer base over the last 18 calendar months. Many of Pannaway's existing telco customers have entered into subsequent phases of broadband deployment, and the company has shipped over 70,000 subscriber ports worth of triple play xDSL2+ and FTTH equipment. Based on feedback from the customer base received during its first user group meeting, held in September 2006, the funds have been earmarked to expand the product suite as well as capitalize on the increasing new opportunities in the market.

"Pannaway has quickly established itself as a strong player for telcos seeking simplified and robust converged IP access networks," said Mark A. Carpenter, President, Pannaway Technologies. "We are pleased with the recognition and momentum our company has achieved in a short period of time, and recognize the confidence our investors have placed in the team as we focus on the fundamentals to growth in our marketplace."

Pannaway Networks

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