Overture Raises $6M

Overture Networks secures another $6 million in funding

November 15, 2004

1 Min Read

RESEARCH TRIANGLE PARK, N.C. -- Overture Networks, a leading developer of packet-based multiservice access platforms, today announced the completion of a $6 million financing round. Current investors Morgenthaler Ventures, a national venture capital firm focused on information technology and broadband communications investments, and Intersouth Partners, one of the most active and experienced venture funds in the Southeast, led the round with additional funds coming from Armada Ventures and Gray Ventures – also earlier investors. John Glushik, a partner at Intersouth, will join the Overture Networks board. The new funds will be used to further technology development and to support additional marketing and sales initiatives.

"Overture Networks has perfected a way to send TDM circuit traffic over the new packet infrastructure at the network's edge. They’ve also got one of the best solutions for carrying IP packet traffic over TDM. What makes Overture such a capital-efficient fit for today's business environment is that their technology allows carriers to generate new revenues and build on their legacy TDM services," said Drew Lanza, general partner of Morgenthaler Ventures.

"We are extremely excited about our continued investment in Overture Networks,” said John Glushik of Intersouth Partners. “We believe this company is a leading example of the new model of cash-efficient startups. Overture has demonstrated a winning corporate vision and established itself as a clear market leader addressing the tremendous opportunity in this space.”

Overture Networks Inc.

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