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.
- see the release here
- Light Reading also has this article
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