Redline Communications secures $18 million in VC funding

July 26, 2004

1 Min Read

TORONTO -- Redline Communications Inc., a leading provider of standards-based broadband wireless equipment, today announced that it has secured US$18 million in financing from Boston-based Matrix Partners and Silicon Valley-based U.S. Venture Partners (USVP).

The financing will support the Company’s aggressive international business development and sales and marketing initiatives. It will enable Redline to enhance its research and development, and ensure that the necessary resources are in place to expand its customer trials with large international carriers.

“The financing we have received will enable us to capitalize on our first mover advantage in the 802.16 and WiMAX space,” said Majed Sifri, president and CEO of Redline Communications. “We have already demonstrated our leadership in bringing OFDM technology to the forefront of this burgeoning market with our 802.16 products. With this financing in place, we can continue to lead the market with innovative products.”

According to Skylight Research, the current market for Broadband Wireless Access equipment is estimated at $300 million, and is expected to grow to over $2.8 billion by 2008. Redline Communications develops standards-based products for this market, providing customers with a cost effective solution for backhaul, access and private network applications. According to Sifri, “Redline leads the industry in performance, ease of installation and support, providing unmatched, high capacity, non-line-of-sight capabilities with proven performance, reliability and security.”

Redline Communications Inc.

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