Paragon Pulls In $12.5M Series D

Closes its largest round of financing to date

December 6, 2001

1 Min Read

BROOKFIELD, Conn. -- Paragon Networks announced today the successful closing of its largest round of financing to date. The $12.5 million, Series D round was led by Stephens Group, Inc., and was joined by Axiom Venture Partners, Connecticut Innovations, MSA Venture Partners and existing investors, including Granite Ventures (previously-H&Q Venture Associates), JK&B Capital and the Quantum Fund (part of the Soros Private Equity Partners). The funding will be used primarily to fund Paragon's on-going market expansion throughout Asia-Pacific and Europe and for additional product development efforts. "Paragon has taken a managed approach to growth and funding, which has enabled us to smoothly launch new products and still grow revenues over 400% in the past 2 years," according to Russ Hawkins, Paragon's President and CEO. "This round of financing will support the execution of the next phase in our plan, provide us with global reach and give us the ability to further expand our product offerings." Paragon has focused on the backhaul networking needs of Wireless Service Providers and has expanded to serve 120 customers in 32 countries around the world. Their BROADway, MASTERseries and CELLlink product lines provide the networking between cell sites, hub sites, and switching centers and provide support for all types of networks from the current analog and 2nd generation digital systems to 3G networks such as W-CDMA and CDMA2000. Paragon Networks, Inc.

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

You May Also Like