Overture receives $10 million to fund product expansion, software vision

Carrier Ethernet provider Overture secured a $10 million venture loan from Horizon Technology Finance Corp., which it will use to continue expanding its Ensemble Open Service Architecture and its Ethernet product portfolio.  

In addition to funding the new product initiatives, the new funding could help with the recent opening of two new development centers in Westford, Mass., and Bangalore, India.

The loan comes on the heels of its announcement late last month that it secured $8 million in new funding,with an option to secure up to $11.7 million.

The two successful funding rounds give Overture the opportunity to gain a combined $20 million.

"This $10 million facility will strengthen the company's ability to help network operators and service providers globally to greatly improve operational efficiencies and introduce new revenue-generating services," said Gerald A. Michaud, president of Horizon, in a release.

While Overture has made software defined networking (SDN) and network function virtualization (NFV) a part of its future focus, the new funding comes at a time when its customers, such as Global Capacity, are finding utility in its 6000 platform to simultaneously deliver Ethernet and TDM-based services on one Ethernet interconnection.

Besides gaining ongoing momentum in the fiber-based Ethernet space, Overture is one of the main platform providers of choice for copper-based Ethernet in the First Mile (EFM), a market that Infonetics reported rose 3.5 percent to $860 million in 2012.   

For more:
- see the release

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