Monday, November 10, 2008

IntelePeer Raises $18 Million for its Appworx Open Platform

IntelePeer, a start-up based in San Mateo, California, raised $18 million in third round funding for its hosted on-demand rich media communications. The funds will be used to expand IntelePeer's global presence and to support business and technology development of its hosted on-demand rich media services and extensive voice peering grid.


IntelePeer has developed an "AppworX" open communications platform and voice peering grid network that gives application developers the ability to create high-quality interactive voice, video, SMS, data and other rich media services that boost productivity while reducing telecommunications and operational expenses through the hosted business model. A communications-as-a-service (CaaS) offering, IntelePeer AppworX could be used for increasing collaboration among business application users, fostering closer connections with customers and introducing communications-enabled business processes that drive efficiency and deliver cost savings.

IntelePeer operates its own carrier-grade network carrying more than 6 billion minutes, with worldwide coverage delivered through an IP and TDM peering grid with over 50 leading service provider peering partners.

The financing was led by new investor VantagePoint Venture Partners of San Bruno, California, with participation by existing investors.