Voice-over-Packet equipment startup's second funding round led by Novacap

February 13, 2002

1 Min Read

MONTREAL -- Octasic Inc., a fabless semiconductor vendor delivering innovative products for Voice over Packet (VoP) equipment to the world’s top communications equipment providers, has secured $11.5 million US in its second round of financing. Led by Novacap, the round also included investments from a series of private investors, Octasic executives and key employees, as well as long-term credit facilities through Invest Québec, a government agency. This financing follows Octasic’s successful first round of $5 million US raised at the end of 2000. “Given our revenues, current reserves and the substantial tax credits we receive annually, with this latest round of financing we have secured enough cash to forge ahead with our development plan for several years, without being hindered by the ups and downs of the telecom market,” said Michel Laurence, Chairman and CEO of Octasic. “I am also particularly proud of the fact that about 20% of this total financing round was raised from executives and key employees of the company. This is certainly an exceptional gesture of commitment and confidence which bodes well for the future success of Octasic.”Ocstatic Inc.

Subscribe and receive the latest news from the industry.
Join 62,000+ members. Yes it's completely free.

You May Also Like