Additional meat on the bones.
Best.
Cha2
To:Benjamin Garrett who wrote (20525)
From: Benjamin Garrett Tuesday, Mar 19, 2002 9:22 AM
Respond to of 20529
Airvana Announces Close of $40 Million Combined Equity Investment
3/19/2002 9:15:00 AM
CHELMSFORD, Mass., Mar 19, 2002 (BUSINESS WIRE) -- Airvana Inc., a provider of third-generation (3G) wireless network infrastructure for the mobile Internet, today announced that the company has closed its third round of financing with an additional combined $40 million investment led by Matrix Partners, with additional investors including QUALCOMM Inc. (QCOM) , Dr. Gururaj "Desh" Deshpande and CommVest LLC.
"This additional investment in Airvana fully funds our plan to drive the rapid adoption of the wireless Internet based on CDMA2000 1xEV-DO," said Randy Battat, president and CEO of Airvana.
"Airvana's technology crushes the barriers of adoption for a wireless Internet service. The fact that operators do not require new applications or new cell sites creates a very compelling proposition. Further strengthening this proposition is the fact that business users already understand the value of a broadband Internet service."
"The Airvana team, which brings a tremendous amount of experience in IP and wireless networking, is on the fast track to furthering the global proliferation of high-speed mobile Internet services," said Jeff Jacobs, president of QUALCOMM Global Development.
"Airvana is well-positioned to provide operators worldwide with an All-IP 3G wireless networking infrastructure solution based on CDMA2000 1xEV-DO, which allows operators to offer new broadband wireless Internet services and lower their operating costs."
CDMA2000 1xEV-DO enables "always on" data to be sent over PCS and cellular wireless networks at speeds comparable to DSL or cable modems, at a lower cost per byte than any other 3G technology in development today. CDMA2000 1xEV-DO provides peak data rates up to 2.4 Megabits per second (Mbps), fast enough to support even the most demanding applications, such as streaming video and large file downloads.
Airvana today also announced that the company has expanded its board with the addition of Steven Haley, former founding executive officer and vice president of worldwide operations, sales and services for Juniper Networks. While at Juniper Networks, Haley was responsible for ensuring customer and partner success with Juniper Networks' products, leading the company's sales from zero to almost $1 billion in three years time.
Prior to joining Juniper Networks, Haley was with Cisco Systems, where he held the positions of vice president, worldwide sales for telco/service providers and vice president, sales for WAN products. Haley also spent nearly seven years in managerial and executive roles with StrataCom, which was acquired by Cisco.
"Steven's 25 years' experience in leading the sales efforts for Juniper and StrataCom, two of the most successful networking startups, make him a valuable addition to the Airvana board," said Battat. "We look forward to Steven's contributions as we continue to grow our business, and are confident that his experience will further enhance the success of Airvana."
Haley joins a strong, seasoned team of external board members including Deshpande, co-founder and chairman, Sycamore Networks Inc.; Paul J. Ferri, founding partner, Matrix Partners; and David E. Schantz, general partner, Matrix Partners.
About Airvana
Airvana (www.airvananet.com) is a privately held company formed in March 2000 by a team of former senior executives from Motorola, Lucent, Cisco and Nortel.
Based in Chelmsford, Airvana designs and builds all-IP 3G Radio Access Network (RAN) infrastructure equipment. Airvana employs some of the best data networking and wireless professionals in the world who are inspired by the belief that the Internet Protocol (IP) will change wireless networks as profoundly as it has changed wired networks. |
