Syndeo Rakes In $75M

Syndeo Corporation secures $75M in C round funding led by Comcast Interactive Capital and IUGO Ventures

April 15, 2002

1 Min Read

CAMPBELL, Calif. -- Syndeo Corporation, a leading provider of Class 5 Voice-over-IP ("VoIP") softswitch/call management server technology, today announced that it has raised approximately $75 million in its third round of financing. Co-led by Comcast Interactive Capital and IUGO Ventures, the deal includes participation from Comcast, AOL Time Warner, Cox, Rogers, and Shaw through their respective venture arms. Other equity investors include Critical Mass Ventures, Intel Capital, Invemed Fund, L.P., Meritech Capital Partners, Presidio Venture Partners, Redpoint Ventures, Scientific-Atlanta, Sumitomo Corporation, Sun Microsystems, WK Technology Fund, and YAS Broadband Ventures. The company has raised a total of approximately $98 million to date. "We are thrilled with the level of participation from the cable operators and other strategic investors. These investors are affiliated with five of the eight largest remaining MSOs, passing approximately 70% of all homes in the US and Canada. We were one of the first softswitch companies to spot the opportunity for VoIP in the cable market, and our focus on CLASS 5, primary-line voice, and PacketCable(TM) compliance have been the critical factors in our success," said Ted Griggs, Syndeo's Chief Executive Officer, "It has taken more than 300 engineer-years worth of effort to build a deployable Class 5 softswitch, and we are excited that cable MSOs, as broadband leaders, recognize Syndeo's market leadership. Syndeo's Syion(TM) 426 softswitch and call management server will enable cable operators to offer telephony service with a compelling feature set in a cost effective manner." Syndeo Corp.

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