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Colubris Raises $14 Million for Rapid Growth and Enterprise Market Expansion |
Colubris Networks, a pioneer in optimized wireless LAN (WLAN) switching systems, has announced $14 million in new funding. This funding round fuels the company's rapid growth and expanding market share, which is driven by strong demand in targeted enterprise and service provider vertical markets. Colubris’ WLAN solutions lead a new industry product category that enables widespread deployment of mobile voice services and migration to next generation, high performance WLANs.
All current Colubris investors participated in the new round, including Prism VentureWorks, GrandBanks Capital, DCM - Doll Capital Management, Mid-Atlantic Venture Funds, The Telecommunications Development Fund, and The Business Development Bank of Canada.
"Colubris has achieved record revenue levels and exceeded all financial metrics this year," said Bill Seifert, Board Chairman, Prism VentureWorks. "Its growing enterprise presence is a key factor in this success. The Board of Directors is very excited about the company's positioning as a category leader within a rapidly growing market and the successful execution of its business strategy," Bill said.
Colubris' expansion is well timed to the market's growth cycle, according to industry analysts. "We expect the enterprise WLAN market to demonstrate very strong growth, driven by new adoptions, as well as by factors such as expanding user populations and deployments, the convergence of voice services, and migration to the 802.11n standard. These factors all contribute to a greater than 30% compound annual growth rate through 2010," noted Elmer Choy, Analyst, Dell'Oro Group.
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