Showing posts with label Funding. Show all posts
Showing posts with label Funding. Show all posts

Monday, November 20, 2017

AISense raises $10 million for Ambient Voice Intelligence

AISense, a start-up based in Los Altos, California raised $10 million in Series A round for its Ambient Voice Intelligence technology.

AISense's mission is to make voice conversations accessible and searchable. The company's technology is already being used for providing transcriptions for the Zoom Video Communications platform. AISense is planning to launch a consumer product in early 2018. The idea is to give people the power to store, search and share the details of their everyday conversations.

The funding round was led by Horizons Ventures with participation from Tim Draper’s Draper Associates and Draper Dragon Fund, David Cheriton, the first Google investor, and Bridgewater Associates, among others. Bart Swanson, an advisor at Horizons Ventures, has also joined the AISense board.

http://www.aisense.com

Scalyr raises $20m for server log management

Scalyr, a start-up based in San Mateo, California, raised $20 million in Series A funding for its cloud-based log management and server monitoring service.

Scalyr, which was founded by two former Google engineers, aggregates a company’s server logs and metrics into a centralized system for analysis and troubleshooting. The company said its solution takes advantage of the cloud’s economies of scale and allows for efficiencies unseen in rival log management systems. Scalyr said its system enables engineers to search 1 terabyte of log data per second.

The company notes 140 customers, including CareerBuilder, Business Insider, OkCupid, Baidu and Giphy.

The funding round was led by Shasta Ventures with participation from earlier investors Bloomberg Beta, Susa Ventures and Heroic Ventures.

“We’ve had a lot of success with early sales. Once customers see they can resolve issues 5X faster, it’s a no-brainer,” said Scalyr Founder and CEO Steve Newman, a repeat entrepreneur whose last company—Writely—was acquired by Google to become Google Docs. “Now we just need to spread the word, scaling up sales and marketing. We’re also expanding our engineering and product teams. We’ve only just begun to shake up operational visibility.”

Monday, November 6, 2017

Stonepeak to acquire majority stake in euNetworks

Stonepeak Infrastructure Partners, a private equity firm based in New York, will acquire a majority interest in euNetworks. Existing euNetworks investors, including Columbia Capital and Greenspring Associates, will continue to hold a material interest in the company. The purchase price was not disclosed.
Under the deal, Stonepeak will also provide euNetworks with up to $500 million of committed growth capital for both organic and inorganic development.

Brady Rafuse will remain the Chief Executive Officer of the company and the existing euNetworks investors will continue to hold a material interest in the company’s new capital structure.

euNetworks owns and operates dense fibre-based metropolitan networks in 14 cites, connected by an intercity backbone covering 49 cities in 15 countries. These networks directly connect into over 300 data centres and more than 1,300 further cell towers, cable landing stations and enterprise buildings.

Stonepeak Infrastructure Partners currently manages approximately $11.3 billion of capital for its investors.

“I am thrilled that Stonepeak is becoming an investor in euNetworks,” said Brady Rafuse, Chief Executive Officer of euNetworks. “This agreement offers Stonepeak the platform to enter the bandwidth market, and it provides euNetworks with a fantastic opportunity to accelerate growth and deliver more for our customers. We have demonstrated our ability to remain focused on what we do well, while investing in and developing our network footprint. But we’ve seen the nature of the opportunity continue to grow exponentially and see Stonepeak as the right partner for the next phase of our growth. We are genuinely excited at what this transaction and partnership offers our customers, our people and our existing investors.”

Thursday, November 2, 2017

Ayla Networks raises $60M for its IoT platform

Ayla Networks, a start-up based in Santa Clara, California, raised $60 million in Series D financing for its Internet of Things (IoT) platform-as-a-service (PaaS).

The Ayla Cloud is a completely managed service that provides a full suite of operational, business intelligence, and analytics services to manage a connected deployment throughout its lifecycle. Ayla-enabled connectivity modules can be built with a variety of micro-controller, operating system, or networking protocol. Ayla also offers mobile application libraries that contain APIs for iOS and Android applications that can securely control and manage Ayla-enabled products.

The new funding was led by Run Liang Tai Fund (RLT) and Sunsea Telecommunications Co. Ltd.

“Ayla has amassed more than 100 large enterprise customers by solving their challenges regarding how to securely connect, manage and apply intelligence to all of their connected devices and sensors,” said David Friedman, Ayla CEO and co-founder. “The Ayla platform blends critical capabilities related to security, privacy, data policy and management with a massively configurable capability for our customers to ingest data from any sensor and IoT cloud. The platform makes it easier for enterprises to apply intelligence and analytics to broad sets of heterogeneous data sets to transform the data into real business value.”

Wednesday, October 25, 2017

Skybox Security raises $150 million

Skybox Security, a privately-held company based in San Jose, California, raised $150 million in venture funding for its cybersecurity management software.

The Skybox Security Suite combines attack vector analytics and advanced threat intelligence to continuously analyze vulnerabilities in a customer's environment and correlate them with exploits in the wild. Skybox extends across complex networks, including those in physical, virtual, cloud and operational technology (OT) environments.

Skybox says it has a compound annual growth rate (CAGR) of 46 percent and positive cash flow (2014 ­– 2016).

The new funding includes $100 million from the CVC Capital Partners’ Growth Fund (CVC Growth) and $50 million from Pantheon.

Skybox was founded in 2002. The company is headed by Gidi Cohen.


Thursday, October 19, 2017

Intel Capital invests $60M in 15 start-ups

Intel Capital announced new investments in 15 start-ups from the United States, Canada, China, Israel and Japan. The investments total more than $60 million. Areas of focus for these ventures include artificial intelligence, cybersecurity and autonomous machines.

Intel noted that this latest group of new portfolio companies brings its year-to-date investing to more than $566 million.


Analyzing Data
Amenity Analytics -- a text analytics platform that allows customers to identify actionable signals from unstructured data. (New York, New York)
Bigstream -- provides hyper-acceleration technology that delivers orders of magnitude performance gains for Apache Spark using hardware and software accelerators.  (Mountain View, California) 
LeapMind -- makes learning with deep neural networks “small and compact” for easy use in any environment.  (Tokyo, Japan) 
Synthego -- is a leading provider of genome engineering solutions. The company’s product portfolio includes software and synthetic RNA kits designed for CRISPR genome editing and research.  (Redwood City, California) 
Capturing Data
AdHawk Microsystems -- developed a camera-free eye tracking system that enables truly mobile data capture and paves the way for a new generation of highly immersive AR/VR experiences.  (Kitchener, Ontario, Canada) 
Trace -- a sports artificial intelligence company working in the domains of soccer, mountain sports and water sports.  (Los Angeles, California)  
Bossa Nova Robotics --  autonomous service robots for the global retail industry (San Francisco, California) 
EchoPixel --  develops 3D medical visualization software (Mountain View, California) 
Managing Data
Horizon Robotics -- provides integrated and open embedded artificial intelligence solutions of high performance, low power and low cost.  (
Reniac -- solves IO bottlenecks resulting in latency reduction and increased throughput for critical workloads in public cloud, hybrid and on-premise data centers without software changes to existing applications. The company’s Distributed Data Engine is architected to benefit databases, file systems, networking and storage solutions while freeing more CPU resources to creating business value.  (Mountain View, California) 
TileDB Inc -- a novel system for managing massive, multidimensional array data that frequently arise from scientific applications.  (Cambridge, Massachusetts) 
Securing Data
Alcide --  a network security platform for any combination of container, VM and bare metal data centers operated by multiple orchestration systems. (Tel Aviv, Israel) 
Eclypsium --  provides technology that helps organizations defend their systems against firmware, hardware and supply chain attacks. The company offers organizations improved visibility for monitoring systems in their infrastructure for firmware threats and supply chain compromise, detection of firmware vulnerabilities, and improved firmware update management in endpoint systems and servers. (Portland, Oregon) 
Intezer  -- develops cybersecurity solutions that apply biological immune system concepts to the cyberspace, creating the world’s first “Code Genome Database,” by mapping billions of small fragments of malicious and trusted software. (Tel Aviv, Israel) 
Synack --  provides customers a scalable, continuous, hacker-powered testing platform that uncovers security vulnerabilities that often remain undetected by traditional penetration testers and scanners.  (Redwood City, California)

Wednesday, October 18, 2017

1025 OCR raises $14M credit for data center expansion

1025 Old Country Road (1025 OCR), which is a 200,000 square-foot commercial property in Westbury, New York, announced a $14 million senior secured credit facility. The property hosts 1025 Connect, which is a network-neutral Meet-Me Room that is used, in part, for connecting subsea systems to terrestrial networks. The location on Long Istland provides the option of bypassing Manhattan for greater network diversity.

“We are seeing strong demand for our interconnection facility that offers unmatched international carrier connectivity and a unique bypass alternative to New York City,” comments Jeff Wasserman, Owner of 1025 Old Country Road and Chairman of 1025Connect.  “This infusion of new capital will support our ability to build inventory and increase capabilities to meet burgeoning customer demand.  We will continue to invest in our core infrastructure in order to enhance our platform going forward.”

The senior secured debt financing was arranged by Meridian Capital Group, one of the nation’s largest commercial real estate finance and advisory firms. 

Tuesday, September 19, 2017

Minio raises $20m for Multi-Cloud Object Storage

Minio, a start-up based in Palo Alto, California, raised $20 million in Series A funding for open source object storage for cloud-native and containerized applications.

Minio has developed an object storage server that enables developers to store unstructured data on any public or private cloud infrastructure, including multi-cloud deployments. The solution lets users build their own Amazon S3-compatible object storage on bare metal, public cloud or existing SAN/NAS storage infrastructure.

Minio reports  over 10M downloads since its general availability in January 2017.

The Series A funding round was jointly led by Dell Technologies Capital, General Catalyst Partners and Nexus Venture Partners, with participation by Intel Capital, AME Cloud and Steve Singh.


Wednesday, September 6, 2017

MapR raises $56 million for big data management

MapR Technologies, which offers a Converged Data Platform that integrates analytics with operational processes in real time, announced $56 million in new equity investment from its existing investors.

MapR reported 100 percent quarterly billings growth for its second quarter of fiscal 2018, which ended on July 31, 2017, one of the largest increases for the company. The company cited
over 100 percent year over year growth in new subscription billings from Global 2000 customers such as American Express, Audi, Cisco, Ericsson, HPE, Novartis, NTT Security, SAP, UnitedHealthcare and Wells Fargo.

Some Q2 Highlights:

  • MapR introduced MapR-XD, a cloud-scale data store to manage files and containers. As part of the MapR Converged Data Platform, MapR-XD uniquely supports any data type from the edge to the data center and multiple cloud environments with automatic policy-driven tiering from hot, warm or cold data. MapR-XD enables customers to create vast, global data fabrics which are inherently ready for analytical and operational applications making it easier to operationalize data.

  • MapR formed a partnership with NTT DATA Business Solutions Asia Pacific, one of the largest SAP reseller and solutions based consulting firms globally to help customers optimize and find more cost efficiencies for their SAP deployments using the MapR Converged Data Platform. MapR partners include Amazon, Cisco, Google, HPE, Microsoft, SAP and Teradata.

"Our customers and partners continue to be at the forefront of this 30-year re-platforming the industry is going through today. We are working closely with them to ensure their success and helping them to execute on their digital transformation and data strategies," said Matt Mills, CEO, MapR Technologies.

MapR is based in San Jose, California.

http://www.mapr.com


  • In May 2014, MapR Technologies raised $110 million in venture funding for its distribution for Apache Hadoop software. Google Capital led the $80 million equity financing. Also participating was Qualcomm Incorporated, through its venture investment group, Qualcomm Ventures, and existing investors including Lightspeed Venture Partners, Mayfield Fund, NEA and Redpoint Ventures.  In addition to the equity financing, MapR completed a debt facility of $30 million led by Silicon Valley Bank.

Thursday, August 31, 2017

Qadium raises $40m for indexing every device on public Internet

Qadium, a start-up based in San Francisco, announced $40 million in Series B funding for its automated, global Internet intelligence operation.

Qadium said it "indexes every device on the public Internet every hour, similar to how search companies crawl web pages." Qadium then uses these data to continually monitor the global Internet for large organizations’ true network boundary, surfacing comprehensive information about all of an organization’s Internet-facing risks.

“Our technology would have been impossible just a few years ago,” says Co-Founder and CTO Matt Kraning. “Now, we leverage distributed and massively parallelized computation to monitor the global Internet in real time. It’s the first game-changer in a decade for defenders in cyberspace, allowing them to find and fix risks faster than attackers can exploit them.”

Qadium is available on a SaaS basis. Cited customers include PayPal, Capital One, Allergan, and Fluor, among others.

The new funding round was led by IVP, joined by new investor TPG Growth. Prior investors New Enterprise Associates (NEA), Founders Fund, Susa Ventures, and angels also participated.

https://qadium.com/

Tuesday, August 29, 2017

LookingGlass Cyber raises $26.3m for threat intelligence

LookingGlass Cyber Solutions announced $26.3 million, comprised of mezzanine debt funding and incremental venture capital for its threat intelligence-driven security solutions.

LookingGlass said over 40 companies and MSSP’s are subscribed to its Cyber Guardian Network partner program. CenturyLink is the latest managed security service provider (MSSP) to join the network and, like other partners, will be utilizing LookingGlass’ unique capabilities to provide their customers access to industry leading threat intelligence tools on the market.

LookingGlass is also introducing a Threat Intelligence-as-a-Service for organizations that require cybersecurity business solutions to be deployed and enacted immediately, without obtrusive lead-time and will ensure protection for company brands, intellectual property, customers, and employees.

LookingGlass also highlighted its recent discovery of 40 million voter records for sale on the dark web. Additionally, LookingGlass announced their Corporate and Supplier Cyber Attack Surface Analysis offering this spring and subsequently its comprehensive Third Party Risk Monitoring service, which delivers continuous visibility into the risk exposure and attack surface of an organization’s key vendors. This service is a completely outsourced way to analyze third party vendors’ risk impact on an organization.

“This investment acknowledges our significant growth position in the market and will help us to better service our clients and stay ahead of our competition,” said CFO Stewart Curley. “The LookingGlass portfolio delivers unified threat protection against sophisticated cyber attacks and enables both global enterprises and governments to take threat intelligence into their own hands, and act on it. We are proud to add Eastward Capital and Triangle Peak to our long-term investor group.”

http://www.lookingglasscyber.com


  • LookingGlass Cyber Solutions is based in Reston, Virginia.

Tuesday, August 22, 2017

Druva raises $80 million for data-as-a-service

Druva, a start-up based in Sunnyvale, California, announced $80 million in new funding for its cloud data protection and management solutions.

Druva provides a data management-as-a-service solution that aggregates data from endpoints, servers and cloud applications and leverages the public cloud to offer a single pane of glass to enable data protection, governance and intelligence. Earlier this month, Druva announced the Druva Cloud Platform Tech Preview, which converges its Druva Phoenix and Druva inSync cloud solutions, and offers a unified view into services and data.

Druva said its success is fueled partially by the rapid expansion of the data protection industry, with market size expected to be $28 billion in 2022 for both cloud-based and on-premises servers, in addition to the rapid cloud data protection and management adoption by Global 5000 organizations.

“We see today’s digital transformation as a data transformation, and protecting data in today’s cloud-connected environment requires a fresh approach,” said Jaspreet Singh, co-founder and chief executive officer at Druva. “Druva’s as-a-Service solution eliminates costly and complex infrastructure to quickly and seamlessly protect, govern, and gain intelligence from their data when and where it’s needed.”

The new funding round was led by Riverwood Capital, with strong participation from Sequoia Capital India, Nexus Venture Partners, Tenaya Capital, and most other existing venture investors.
This brings Druva's total raised to data to approximately $200 million.

https://www.druva.com


  • In May, Druva reported that it is seeing more than 300 percent year-over-year growth in infrastructure data protection revenue. Additionally, Druva Cloud deployments now span more than 4,000 enterprise customers, including 10 percent of the world’s Fortune 500 companies.  


Monday, August 21, 2017

Redis Labs secures $44m in venture funding

Redis Labs, a start-up based in Mountain View, California with offices in Tel Aviv and London, raised $44 million in Series D funding, bringing its total equity to $86 million.

The latest funding round was led by new investor Goldman Sachs Private Capital Investing and existing investors Bain Capital Ventures and Carmel Ventures, with participation from Dell Technologies Capital.

Redis Labs is home of open source Redis, the world's most popular in-memory database platform and currently the fastest growing database of any kind (SQL or NoSQL). Redis was created in 2009 by Salvatore Sanfilippo, who leads open source development at Redis Labs.

Redis Labs reports 70 percent year-over-year revenue growth in the most recent quarter.

"This funding round is a testament to the growing market demand and adoption of the open source Redis and Redis Enterprise to power next-generation applications as real-time, ultra-responsive capabilities become mandatory," said Ofer Bengal, CEO and co-founder at Redis Labs. "The investment will support our continued market penetration and allow us to meet the enterprise demand we're seeing for a modern in-memory database platform across wider geographies and industry sectors."

https://redislabs.com

Friday, July 28, 2017

Big Switch secures $30.7m in capital funding

Big Switch Networksof Santa Clara, California, The Next-Generation Data Center Networking company,

a.         Founded in 2010 having originated from the original Stanford research team that invented software defined networking (SDN) technology.

b.         Began shipping its platform-independent open SDN product suite, featuring a controller, virtual switch and network monitoring application in 2012, and in 2013 started packaging its technology components into bare metal SDN fabric solutions.
c.         In January 2016 closed a Series C, $48.5 million funding round with participation from both new and existing investors, including Morgenthaler Ventures, Silver Lake Waterman, Index Ventures, Khosla Ventures, Redpoint Ventures, Accton, CID Group and MSD Capital, and bringing total funding at that time to $94 million.

Has announced it has secured $30.7 million in new financing to support further sales and product expansion as organisations continue to adopt next-generation networking solutions to modernise data centres.

Big Switch stated that the latest financing involves the participation of Dell Technologies Capital, Silverlake Waterman, Index Ventures, Morgenthaler Ventures, MSD Capital, Redpoint Ventures, Khosla Ventures, Intel Capital and a strategic investment from a Tier-1 service provider. The company noted that total funding raised to date exceeds $120 million.

http://www.bigswitch.com/press-releases/2017/07/27/big-switch-networks-secures-307mm-in-incremental-capital


  •  In January, Big Switch announced new capabilities for its Big Cloud Fabric (BCF), including comprehensive networking support for hyper-converged solutions powered by VMware vSAN and virtual desktop and application solutions with VMware Horizon, as well as multi-container networking support for Mesosphere DC/OS and Kubernetes container orchestration platforms, including Red Hat OpenShift Container Platform.

Wednesday, May 24, 2017

Fastly, provider of edge cloud solutions, raises $50m in Series E funding

Fastly based in San Francisco, the edge cloud platform:

a.         Founded in 2011 by Artur Bergman, current CEO of Fastly.

b.         Developer of an edge cloud platform designed to enable secure and scalable delivery of digital services.

c.         Which has raised total funding of approximately $129 million in four rounds from investors including Iconiq Capital, Amplify Partners, August Capital, O'Reilly AlphaTech Ventures OATV, Battery Ventures and IDG Ventures.

Announced it has raised $50 million in new funding in a Series E round led by Sorenson Capital, with participation from additional new investor Sapphire Ventures and existing investors Iconiq Capital, Amplify Partners, August Capital, O'Reilly AlphaTech Ventures OATV and IDG Ventures. The company stated that including this latest round it has raised a total of approximately $180 million to date.

Fastly stated that since the introduction of its edge cloud platform, the company has achieved more than 100% annualised revenue growth over the last two quarters and is approaching breakeven based on an annualised run rate of $100 million. Fastly cited customers including online destinations such as The New York Times, Airbnb, Spotify, Pinterest and Ticketmaster.

Fastly's edge cloud platform provides a suite of application delivery, video and streaming, and cloud security solutions, including the recently-announced Image Optimizer, Load Balancer and Web Application Firewall (WAF), which were launched in April this year.


In October 2016, Fastly introduced its Managed CDN solution, designed to provide businesses with custom CDN solutions that meet individual customer requirements. The Managed CDN offering combines a customer’s existing network infrastructure with Fastly's content delivery platform.


Thursday, May 11, 2017

Datos IO raises investment from Cisco and NetApp

Datos IO, a start-up developing application-centric data management technology for cloud environments, announced that Cisco Investments and NetApp have become strategic investors in the company.

Datos IO stated that it plans to use the proceeds of this investment to develop its application-centric technology that is designed to provide customers with enhanced backup storage efficiency and enable data management services at a granular level. The solution allows enterprises to protect and move traditional and third platform applications, whether on-premise, between public clouds or in multi-cloud environments.

The company noted that as enterprises transition to operating IT across multi-cloud infrastructure and deploying applications in private, public or hybrid cloud environments, it aims to simplify the protection and management of data across clouds while eliminating the complexity of multi-cloud environments for use cases such as backup and recovery, test/dev, cloud on-ramping, archival and analytics.

Datos IO was co-founded in 2014 by Tarun Thakur, CEO and Prasenjit Sarkar, CTO to develop a cloud-first, application-centric approach to data management for both traditional and third platform applications deployed on-premises or on multi-cloud infrastructure. As part of its solution, the company has created a range of technologies using its advanced CODR architecture: Datos IO raised $12.5 million in Series A funding in September 2015.

Datos IO stated that while traditional data protection solutions protect applications at a VM-level or a storage LUN-level, its technology eliminates dependencies on VM or LUN constructs, so enabling application-centric data management. This approach allows enhanced backup storage efficiency, data management services at a granular level and enables customers to intelligently move their applications in public cloud or multi cloud environments.

The company noted that one year after the release of its flagship RecoverX product, it has announced customers including Ayla Networks, Barracuda Networks and Fortune 500 enterprise customers.

Datos is based in San Jose, California.

Tuesday, May 9, 2017

Flex Logix, developer of embedded FPGA technology, raises $5m

Flex Logix Technologies, headquartered in Mountain View, California, a supplier of embedded FPGA IP and software:

a.         Founded in March 2014 to develop solutions for reconfigurable RTL in chip and system designs employing embedded FPGA IP cores and software.

b.         Offering the EFLX technology platform designed to significantly reduce design and manufacturing risks, accelerate technology development and provide greater flexibility for customers' hardware.

c.         Which in October 2015 announced it had raised $7.4 million in a financing round was led by dedicated hardware fund Eclipse Ventures (formerly the Formation 8 hardware fund), with participation from founding investors Lux Capital and the Tate Family Trust.

Announced it has secured $5 million in Series B equity financing in a round led by existing investors Lux Capital and Eclipse Ventures, with participation from the Tate Family Trust.

Flex Logix stated that new funding will be used to expand its sales, applications and engineering teams to meet the growing customer demand for its embedded FPGA platform in applications including networking, government, data centres and deep learning.

Targeting chips in multiple markets, the Flex Logix EFLX platform can be used with networking chips with reconfigurable protocols, data centre chips with reconfigurable accelerators, deep learning chips with real-time upgradeable algorithms, base stations chips with customisable features and MCU/IoT chips with flexible I/O and accelerators. The company noted that EFLX is currently available for popular process nodes and is being ported to further process nodes based on customer demand.

The Flex Logix technology offers high-density blocks of programmable RTL in any size together with the key features customers require. The solution allows designers to customise a single chip to address multiple markets and/or upgrade the chip while in the system to meet to changing standards such as networking protocols. It also allows customers to update chips with new deep learning algorithms and implement their own versions of protocols in data centres.

Regarding the new funding, Peter Hebert, managing partner at Lux Capital, said, "I believe that Flex Logix's embedded FPGA has the potential to be as pervasive as ARM's embedded processors… the company's software and silicon are proven and in use at multiple customers, paving the way to become one of the most widely-used chip building blocks across many markets and for a range of applications".

While Pierre Lamond, partner at Eclipse Ventures, commented, "The Flex Logix platform is the… most scalable and flexible embedded FPGA solution on the market, delivering competitive advantages in time to market, engineering efficiency, minimum metal layers and high density… the patented technology combined with an experienced management team led by Geoff Tate, founding CEO of Rambus, position the company for rapid growth".


Monday, May 1, 2017

Rubrik Raises $180M for Cloud Data Management

Rubrik, a start-up based in Palo Alto, California, closed $180 million in Series D funding for its cloud data management solutions.

Rubrik's platform delivers automated cloud data backup, instant recovery, offsite replication and data archival capability. One Intel-powered appliance manages all data in the cloud, at the edge, or on-prem for backup, DR, archival, compliance, analytics, and copy data management. The company said it is on an annual run rate approaching $100 million.

The latest investment round was led by IVP with strong participation from Lightspeed Venture Partners and Greylock Partners, bringing total equity raised to $292 million.

https://www.rubrik.com/


Friday, April 28, 2017

Teraphysics Raises $50 Million for mmWave Technology

Investment firm Boustead Securities has announced that Teraphysics, based on Cleveland, a developer of high-speed wireless transmission technology, has received SEC qualification for a $50 million capital raise through the issuance of Regulation A+ securities.

In conjunction with the announcement of its Regulation A+ securities issue, which is underwritten by Boustead, Teraphysics also recently detailed its commercialisation plans for the mmLink technology.

Under the terms of the transaction, Teraphysics is issuing 10 million share of common stock at $5 per share. The net proceeds will be used to fund the commercialisation phase of its technology, including the development of a micro link wireless network for the demonstration of wireless terrestrial and stratospheric platforms, the establishment of a piloting facility and the purchase of production capacity.

Teraphysics, founded by three former NASA scientists, has developed mmLink technology that enables high-speed data transmission and targets applications for next generation 5G mobile data connectivity and Internet access. Development of the company's mmLink millimetre-wave amplifiers was supported with funding from the NASA Jet Propulsion Lab, Air Force Research Lab and the Defense Advanced Research Projects Agency.

Based in Cleveland, Ohio, Teraphysics was founded by Louis S. Fisi and scientists Dr. Gerald T. Mearini (PhD) and James A. Dayton,, Jr. (PhD). The company has developed patented devices designed to significantly enhance 5G data delivery. Teraphysics' IP includes its patented and commercially viable THz source that employs miniaturised vacuum electronics.

The mmLink solution is a wireless solution able to transmit at very high data rates using a millimetre-wave amplifier that has been developed from technology installed in NASA vehicles including the Mars Observer and Cassini spacecraft.

The Teraphysics amplifier is designed to provide high power and wide bandwidth in previously inaccessible parts of the millimetre-wave band and is intended to offer a lower cost, quicker to install alternative to fibre connectivity. The company's first amplifier is expected to deliver data rates of 10 to 20 Gbit/s, while future products could support rates of up to 150 Gbit/s.

Tuesday, April 11, 2017

Enablence to raise C$6m for PLCs

Enablence Technologies of Ottawa and Fremont, California, a supplier of optical components and subsystems for access, metro and long-haul markets, announced its intention to complete additional financing for approximately C$6 million.

Enablence also announced the termination, by mutual agreement, of the non-binding letter of intent (LoI) with Esrey Energy as announced on December 8, 2016, under which the two companies proposed to implement a business combination. Esrey is a Canadian exploration and development company focused on developing oil and gas reserves in Papua New Guinea and Bulgaria.

However, Enablence stated that it expects to meet its stated goal as announced at the same time for the execution of a LoI to raise funds of C$10 million to support growth. The company plans to achieve this via a combination of the exercise of outstanding warrants, the private placements completed in December 2016 and January 2017, which totalled approximately C$4 million, cash advances of C$2 million and with the closing of financings.

As previously announced, Enablence intends to use the funds as growth capital for current and future products and for general corporate purposes. Part of the funding will be used for a capex program to expand the production of its planar lightwave circuit (PLC) chips to meet demand resulting from both existing purchase orders and anticipated demand for its metro market-focused 100 Gbit/s TxRx products.

In addition, a portion of the funds will be allocated to complete the development of a new 100 Gbit/s TxRx product targeting the data centre market and for R&D activities relating to next generation 200/400 Gbit/s products.

To raise the C$10 million funding, Enablence intends to complete a non-brokered private placement financing of common shares at 7c per share for gross proceeds of approximately C$4 million and to conduct a non-brokered private placement of C$1,000 principal amount of unsecured convertible debentures for gross proceeds of up to C$2 million.


As part of the financing, certain investors propose to enter into debt settlement agreements with Enablence to settle outstanding non-interest bearing cash advances totalling C$2 million through issuing 7.14 million shares for an aggregate C$500,000 and the issue of C$1.5 million principal amount of debentures, subject to approval by the TSX venture exchange.

See also