Tuesday, April 17, 2007

Mavenir Raises $20.5M In Second Round Of Funding

Mavenir Systems announced Monday that its second round of funding has raised $20.5 million. Alloy Ventures led the effort, with Series A investors Austin Ventures and North Bridge Venture Partners also participating in the follow-up funding. Added together, the two rounds total $34 million in private capital that Mavenir has raised since October 2005. Alloy Ventures partner Ammar Hanafi will join the Richardson, Texas-based firm's board of directors as part of the funding. Mavenir, which specializes in telecommunications networking solutions, said it will use the funds to build its sales and operations teams and research and develop new technologies. More information »