Accedian Networks Inc. (Booth 412), a provider of network performance assurance solutions for Ethernet service providers, announced it has received $7.5 million in a series B round of funding. The new capital is in addition to a $4 million series A round financing received by the Canada-based company in spring 2006.
Initial investors Skypoint Capital Corp. and Solidarity Fund QFL (The Fund) each contributed $1.75 million to the second funding round. A new investor, Rho Canada Ventures, added $4 million.
Accedian’s Vice President of Marketing Scott Sumner said the original monies were used to develop the company’s Ethernet Service Access Platform and EtherNID demarcation device as well as to fund its initial sales efforts for the then startup company. In contrast, the new financing will be used primarily for sales and marketing. “The product is mature, its developed and in use in a lot of networks worldwide. There are over 60 customers using it for SLA assurance and performance measurements. The next step is to really broaden our reach in the U.S. and in Europe on the sales side.”
Previously, the company has relied heavily on partnerships with companies like JDSU and Sunrise Telecom to go to market. “We will be working to develop more channels to market directly now,” Sumner said.
Not all the cash will go to marketing, however. On the product development side, Accedian is working to enable service providers to measure SLAs in real time, Sumner said, adding it also plans to move its capabilities toward the service layer, which means VoIP (and other service) monitoring to the customer premises.
Skypoint focuses on business opportunities in Ottawa and Montreal and seeks “disruptive” technologies that will become the building blocks for the next generation of communications and IT products. The Solidarity Fund QFL is a development capital fund that calls upon the savings of Québecers to help create and maintain jobs in Québec by investing in SMBs. Rho Canada, based in Montreal, backs early-stage technology-based companies in Canada. Formed in 2006, Rho Canada is affiliated with Rho Ventures in the United States.
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May 17 2019 @ 15:34:37 UTC