Azaire Secures $9M

Azaire Networks secures $9 million in Series B financing

September 29, 2004

1 Min Read

SANTA CLARA, Calif. -- Azaire Networks, a leading provider of Cellular/Wi-Fi convergence network solutions, announced today the close of $9 million in Series B financing led by Rustic Canyon Partners and Woodside Fund. Existing Series A investors, including Convergence Partners, also participated in the round. Azaire Networks will use these funds to expand the company's sales and product development activities and increase their marketing resources globally.

Rustic Canyon Partners is a West coast-based private equity firm with extensive experience in middle-market technology companies and Redwood Shores-based Woodside Fund is an early-stage venture capital firm specializing in enterprise software and network infrastructure companies. Both firms offer a strong understanding of telecommunication-related investments and a deep operational involvement with entrepreneur teams. Combined, the firms have $1 billion in capital under management.

In conjunction with this announcement, Michael Kim, a partner with Rustic Canyon Partners and Dr. Robert Larson, co-founder and managing director of Woodside Fund, have been elected to Azaire Network's board of directors.

"We believe Cellular/Wi-Fi convergence is a great opportunity. We found that Azaire's solution uniquely addressed the needs of operators, allowing them to leverage their existing core network investments," said Mr. Kim. "We have tremendous confidence in Azaire's world-class management team, who bring experience from leading mobile, IP, and data communications companies."

"Azaire's technology stands to revolutionize telecommunications for the consumer and the industry as a whole," added Dr. Larson. "Carriers have an untapped need for Azaire's Converged Network Platform solution because it easily integrates into carrier networks with industry standard interfaces to provide a seamless user experience."

Azaire Networks Inc.

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