Bridgeport Networks receives funding

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Bridgeport Networks receives funding

BridgePort Networks is a leader in mobile VoIP convergence and a company I've been following for quite some time. On Monday, BridgePort Networks will announce a new investment of $13 million in Venture Capital financing in the company by its current investors.

Including previous financings of $3 million in seed financing, $10 million announced in January 2004 and $25 million announced in September 2004, the new financing brings the total capital raised by the company to $51 million.

Existing investors TD Capital Ventures, Polaris Venture Partners, General Catalyst Partners and BCE Capital all participated in the financing.   Funds will be used for working capital in the support of the many channel partners and integrators currently working with BridgePort Networks on market trials at major telecom service providers of the company’s NomadicONE™ core network convergence software.

According to Bridgeport Networks, "Whilst the company remains the leader in the emerging Voice Call Continuity (VCC) market for seamless voice handover between cellular and Wi-Fi technologies, the new funds will also be used to broaden and deepen applications for its MobileSTICK USB-SIM solution which transforms personal computers into voice, multimedia messaging and presence terminals for mobile operator services, leveraging standards-based VoIP technology."

“BridgePort Networks has largely completed its product and solution development phases and is mid-way through channel development and enablement, with several major relationships already in place”, said Mike Mulica, President and CEO of BridgePort Networks. “As the FMC market transitions to commercial deployment, this new funding positions the company well for the scale-up phase that will occur during 2007 and 2008.  In particular, we are increasing our investment in our MobileSTICK solution, which is experiencing strong demand from Tier One mobile and integrated operators and can quickly scale without dependencies on new converged phones, new standards or IMS deployment.

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