Brodband access solutions provider Narad receives $17.5M in funding round led by Argo Global Capital

January 13, 2004

2 Min Read

WESTFORD, Mass. -- Narad Networks, Inc., a provider of broadband access solutions that leverage MSOs’ existing HFC assets, today announced it has secured $17.5 million in financing from new and existing investors. The equity financing was led by new investor Argo Global Capital and included support from existing investors Polaris Venture Partners, Sofinnova Venture Partners, Vertical Group, and General Catalyst.

“The investment community’s support and confidence in our business solutions and technology is deeply gratifying,” said Craig Dynes, chief executive officer of Narad Networks. “The addition of Argo as a new investor, along with the continued commitment of Polaris and our other existing investors, is further validation of Narad as we continue to deploy our solution with US MSOs. Narad provides cable operators an extremely cost effective way of addressing the broadband IP needs of small-to-medium sized businesses and government, medical, and educational networks.”

Narad’s business broadband technology leverages the cable operators’ existing hybrid fiber coax (HFC) networks to deliver competitively priced data and voice services to commercial customers including small to medium sized businesses (SMBs), enterprise customers, WiFi network operators, schools, and municipalities, while minimizing capital expenditures and maximizing return on investment. Narad’s solution addresses the large middle segment of the SMB market that cannot be adequately served by cable modem and cannot economically justify the high cost of constructing fiber.

As a result of Argo Global’s leadership in this funding round, Argo senior partner Douglas Schrier will join the Narad board. Mr. Schrier has been working with venture-backed companies since 1992. During that time, he has invested over $200MM in sixteen companies; three of the sixteen have gone through successful IPOs, three have been acquired, and the remaining ten are all still operating. “We are very excited about our new investment in Narad,” said Schrier. “Narad is addressing a new category in the cable industry that provides operators additional revenue opportunities without significant capital expenditures, and we’re pleased to support Narad in tapping into the tremendous opportunities in the commercial services sector.”

Narad Networks Inc.

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

You May Also Like