Overture snags $17 million in new capital

Hoping to capture a larger piece of the Carrier Ethernet pie, Overture Networks scored $17.2 million in new equity funding.

Rising to the lead funding occasion is QuestMark Partners, which joins a number of other high-profile investors, including Intel Capital, Intersouth Partners, Morgenthaler Ventures, Tenaya Capital, TDF Fund and Gray Ventures.

Although the company has raised only $60 million since it emerged a decade ago, Overture's president Dave Stehlin said in a LightReading article that the new funding will be used to facilitate further growth of the business. This growth could include potential new products.

"We didn't need money from an ongoing-concern perspective," Stehlin said. "We saw an opportunity to accelerate our development and expansion plans even more."

Two key areas of growth for Overture Networks are business Ethernet and wireless backhaul. The growth of these two market segments drove the company to hire an additional 20 employees, bringing its total base to 100 employees.

For more:
- see the release here
- Light Reading also has this article

Related articles:
Carrier Ethernet Consolidation: Overture Networks buys Ceterus Networks
Overture Networks targets the mobile backhaul IP/Ethernet evolution
Rapid investment returns fuel Ethernet over Copper growth

FREE DAILY NEWSLETTER

Like this story? Subscribe to FierceTelecom!

The Telecom industry is an ever-changing world where big ideas come along daily. Our subscribers rely on FierceTelecom as their must-read source for the latest news, analysis and data on the intersection of telecom and media. Sign up today to get telecom news and updates delivered to your inbox and read on the go.

Suggested Articles

The battle for SD-WAN supremacy remains fierce among vendors with VMware, Cisco and Fortinet holding down the top-three spots in Q3 market share.

Broadband remains a key asset as the coronavirus surges across the globe, which has led to a speedier transition to 1-Gig services.

Lumen CTO Andrew Dugan believes enterprise CIOs are turning to edge compute because it provides better performance for their applications.