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August 31, 2006
SAN DIEGO -- Ocean Broadband Networks Ltd. (OBN), the leading provider of triple-play (voice/data/video) broadband access – Ethernet Passive Optical Networks (EPON), is pleased to announce the close of its Series B financing. Motorola Ventures and Atlas Venture have joined as new investors. OBN will use this new funding to expand its China operations and move to commercialize and deploy its EPON solutions.
OBN is shipping its market-proven EPON products with the features and performance to enable fast, easy-to-deploy, and low-cost triple-play solutions for FTTH, FTTB and FTTC at over 100X the bandwidth of DSL. Telecom and CCTV carriers will gain the ability to offer a broader range of communications and entertainment services including IPTV, Internet access, telephony, high-speed data, VOD, SDTV, as well as HDTV. Telecom and CCTV carriers expect to enjoy a higher return on investment due to the lower cost and easier maintenance of FTTB and FTTC deployment. Subscribers will win with higher bandwidth access to these enhanced communications and entertainment services.
"We are seeing rapid growth in broadband market enabled by EPON products. The adding of Motorola and Atlas Ventures will have a strong impact on our business expansion both in depth and in broadness," said Wei Gao, Co-founder/CEO of OBN
"China is of continuing strategic importance to Motorola. Besides shoring up strength in mobile devices and network infrastructure, Motorola is expanding its reach into emerging communications technologies that can help deliver seamless mobility solutions to our customers in China," said Matthew I. Growney, Managing Director, Motorola Ventures.
"Atlas has been an international venture capital firm for over 20 years and our emerging investment activities in China are therefore a natural extension of our proven international strategy. We are very pleased with our investment in Ocean Broadband, which is our first investment in China. We are also confident about the potential of the growing investment opportunities in China and about our growing participation in this exciting development," said Gerry Montanus, Sr. Partner at Atlas Venture.
Ocean Broadband Networks Ltd. (OBN)
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