Add "OnLight Inc. " to alsc list of investment:
OnLight Inc. Raises $7.5 Million Through Series B Offering
Total Capital Now $18 Million; Integrated Applications Service Provider Targets 400 Buildings Nationally
SANTA CLARA, Calif., Jan. 9 /PRNewswire/ -- OnLight Inc., first of a new category of Integrated Application Service Providers (IASPs), has raised approximately $7.5 million in its Series B Preferred Stock financing from two venture capital firms, Alliance Ventures and The Galleon Group, along with certain individual investors. The financing round closed on October 31, 2000. Additionally, the Company raised $4.5 million in equipment financing primarily from Cisco Capital, bringing total capital raised to date to $18 million.
``Network responsiveness, throughput and security are critical elements to a quality application service.'' according to Sunil Suri, chairman and CEO of OnLight, Inc. ``However, ASPs typically do not manage application and network quality in tandem, leaving overall performance up to chance. OnLight leaves nothing up to chance, providing fully integrated application and network quality management right to the user's desktop. This is what differentiates IASPs from ASPs.''
Previously, the Company raised $6 million in its first round of financing from New Vector Ventures and an individual investor.
Currently, OnLight reports that it has secured access rights to provide its unique suite of IT products and services in more than 100 million square feet of office space. OnLight has initiated its sales efforts in several first tier markets, including San Francisco, Silicon Valley and Manhattan, including the prestigious Chrysler Center. In addition, 20 buildings in the Silicon Valley area are being provisioned and sales efforts are expected to commence immediately. In all, the Company has launched operations in three cities, and by April 2001 expects to be in 41 building equivalents. OnLight's first installation is in its beta building at 2350 Mission College Boulevard, Santa Clara, where the Company has over 20 customers, amounting to a 40 percent penetration rate of tenant customers within the building.
Within four years, OnLight expects to have established business relationships with 6,500 customers in 400 buildings across the US and Canada. Planned financing activities include a Series C Preferred Stock offering targeting the middle of next year.
OnLight is the first Integrated Application Service Provider (IASP) to offer fully managed enterprise-quality application solutions. Because the Company integrates application and network quality management all the way to the desktop through a nationwide IP network, OnLight can deliver premium performance, security and up-time. As such, OnLight provides companies of all sizes a single-source solution for cost-effective, worry-free network computing.
OnLight's enterprise-quality solutions include managed and scalable broadband connectivity, remote systems management and information technology applications. The Company distinguishes itself on customer service, placing certified support personnel within their service buildings, enabling rapid and complete service delivery.
OnLight Media Contact:
Harry Zlokower/ Joel Strasser
Zlokower Public Relations
212-447-9292
harry@zlokowerpr.com
joel@zlokowerpr.com
For additional company and contact information, visit onlightinc.com
SOURCE: OnLight, Inc.
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