NewCross Technologies, provider of hosted IP telephony services, completes $5.2 million series B round of financing

October 6, 2005

1 Min Read

SAN MATEO, Calif. -- NewCross Technologies, Inc., a provider of carrier-proven and cost effective hosted IP telephony services for service providers, announced the completion of a $5.2 million series B round of equity financing. The funds will be used for development, product launch, sales, and marketing. The company has also appointed Stanley P. Hanks Chairman and Chief Executive Officer.

Funding came from existing investors, which increased their equity stakes in the company. Columbia Ventures led the round that also included Consor Capital and Sterling Payot Capital.

"This round of financial commitment from leading venture institutions validates our softswitch technology and the burgeoning market opportunity for VoIP services," said Mr. Hanks, CEO of NewCross. "I look forward to working with the NewCross team in leveraging an architecturally superior and proven platform to deliver VoIP services and to take the company through the next phases of growth."

Mr. Hanks, who succeeds Robert Young, is responsible for overall corporate strategy, business execution, and operations. Mr. Hanks brings to NewCross extensive experience in the areas of executive and general management in the telecommunications arena. Mr. Hanks also serves as Chief Telecom Strategist for Columbia Ventures Corporation. Prior to joining CVC in 2003, Mr. Hanks had been a consultant to top tier venture capital organizations and their portfolio companies. A serial entrepreneur, Mr. Hanks has 25 years of experience as an executive in Internet and telecom startup efforts, including Enron Broadband, Genuity, and MFS Datanet. Mr. Hanks has multiple degrees in computer science from Rice University.

NewCross Technologies Inc.

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