Investors include Charles River Ventures, Columbia Capital, and Bessemer Venture Partners

December 6, 2000

1 Min Read

MARLBOROUGH, Mass. -- Pelago Networks announced today $17 million in financing to propel the development of its innovative solutions for the rapid deployment of enhanced voice, data and video services. The company is developing solutions that enable local service providers to create and deliver enhanced communication services to business customers over any wireline or wireless broadband network. Pelago is unlocking the potential for capital and operational cost savings and new service revenue for both established and next- generation service providers. Pelago Networks' first round investors represent the telecommunications industry's most prominent venture capital firms including Charles River Ventures, Columbia Capital and Bessemer Venture Partners. Brooktrout, Inc., also participated in the first round as an equity investor with a minority ownership stake. The company will use the funding as working capital to expand its operations as it plans to more than double in size over the next year.

"Service providers are limited by the shortcomings of legacy infrastructure equipment and first generation broadband approaches, where revenue-generating service creation remains tangled in the complexity of the current service architectures," said Jean Dubois, president and CEO of Pelago Networks. "We have gathered a team of experts dedicated to eliminating the complexities of today's architectures to accelerate not only the deployment of enhanced services but also the realization of compelling business models with sustainable competitive advantage for our customers."

http://www.pelagonet.com

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