Ennovate Raises $59 Million

Closely Follows First Major Customer Win

February 7, 2000

1 Min Read

Ennovate Networks Inc., a leading provider of carrier-class IP Service provisioning products, today announced it has received $59 million in mezzanine funding. This brings total investment in the company to $81.5 million and represents one of the largest equity investments for a communications equipment startup in New England.

The latest round of funding was led by Lehman Brothers Venture Partners and Pequot Capital Management and includes new investors Kohlberg Kravis Roberts & Co and Tudor Investments as well as strategic partners PSI Ventures and Enron Ventures. Existing investors who also participated in this round include The Sprout Group, Marquette Venture Partners and Spectrum Equity Investors.

Ennovate's products help next-generation carriers and Network Service Providers substantially increase revenues from their existing networks by enabling a whole new class of differentiated Frame Relay and business IP services - a $23 billion market opportunity according to IDC.


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