Overture Funds Reach 7.5M

RESEARCH TRIANGLE PARK, N.C. -- Overture Networks, a leading developer of converged packet access platforms, today announced the completion of a $7.5 million third round of financing led by new investor Telecommunications Development Fund (TDF) in Washington, D.C.. Current investors, including Morgenthaler Ventures, Intersouth Partners, Armada Ventures and Gray Ventures, and another new investor, Legend Ventures, also participated in the round. The new funds will be used as growth capital to expand product development and customer support functions.

"Based on many conversations with their customers and partners, it is apparent that Overture Networks' market sense, positioning and execution are excellent," said Jim Pastoriza, managing partner of TDF. "In just a few short years, Overture Networks has built a solid customer base with top-tier carriers and I look forward to helping them expand into new opportunities."

Overture Networks provides high-speed networking platforms that allow carriers to economically reshape their networks and revenue streams by deploying uniform managed Ethernet and TDM services to every customer location. The ISG family of products helps service providers significantly enhance their service capabilities and customer responsiveness at the edge of their networks and allows providers to use both fiber and copper circuits; thereby increasing their footprint and revenue opportunities in an extremely cost effective manner.

"This investment in Overture Networks is a tremendous endorsement of our business performance and our position in this growing industry, especially considering today's competitive business environment," said Jeff Reedy, chief executive officer of Overture Networks. "The capital infusion will allow us to accelerate the deployment of our industry-leading multiservice access platforms to new markets and to new service providers looking for to a cost-effective method to add managed Ethernet services over any underlying infrastructure."

Overture Networks Inc.