OpenCloud announces $10 million investment to drive commercial delivery
July 10 2008, Cambridge, UK
OpenCloud Limited, the leading supplier of real-time application servers for next-generation telecommunications services, today announced that it has recently closed a $10M second funding round. Existing institutional investors, Advent Venture Partners, No 8 Ventures and Motorola Ventures together with Silicon Valley Bank provided the $10M debt and equity investment. The investment will support the global sales, marketing, delivery and support of OpenCloud’s Rhino product set.
OpenCloud Rhino enables the delivery of new person-to-person communications services at a faster pace and at a significantly lower price-point throughout the application lifetime - during service development, deployment and operation. OpenCloud Rhino, a carrier grade JAIN SLEE application server provides a java-based service creation and continuously available run-time environment for real-time telecommunications applications. OpenCloud is the leader in the development of JAIN SLEE, the JAVA standard for telecoms applications and the core standard used by OpenCloud for all its products.
Deploying an open standards platform, such as OpenCloud Rhino enables third-party companies and service providers to develop product applications and deploy them into any JAIN SLEE-enabled telecommunications network. This produces a competitive marketplace of companies with portable products and reduces the proprietary vendor lock-in that many telecommunications providers currently experience.
“We are delighted that our existing institutional investors have provided further funding since their initial investment in December 2006,” said Jeff Gordon, Chief Executive of OpenCloud. “We feel it is a strong endorsement of the work we are doing to develop OpenCloud Rhino and the progress we have made bringing it to a global market and meeting the industry’s need for a high performance platform that can support the extreme requirements. Likewise, we are proud that the prestigious Silicon Valley Bank recognises OpenCloud as a secure and promising company and in the current economic environment has provided working capital facilities”
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About
OpenCloud
OpenCloud was formed in New Zealand in 2000 to create open standard software that would
revolutionise the portability and interoperability of services in telecommunications, specifically in the evolution to IP
and 3G IMS. The company was founded on the vision that the use of Java within the telecommunications network would
stimulate innovation, interoperability and simplicity in telecommunication infrastructure equipment. In autumn this year,
OpenCloud won global consulting firm Frost & Sullivan’s Product Differentiation Innovation of the Year award in the
European telecommunications market.
OpenCloud works with partners to deliver, integrate and support end-to-end
solutions incorporating OpenCloud products to global network operators and service providers. OpenCloud has
representatives in: Cambridge, UK; Wellington, New Zealand; Madrid; Tokyo; and San Francisco. More information is
available at www.opencloud.com
About Advent Venture Partners
Advent Ventures is one of
the premier mixed stage venture capital firms in Europe. Established in 1981, it invests in both the Technology and Life
Sciences sectors. Advent Ventures has raised over $1 billion from institutional investors across Europe and the US since
1998. Advent Ventures’ Technology investments include: Snell & Wilcox (leading digital media infrastructure technology
supplier), Qype (local review site), Ubiquisys (systems for residential inbuilding cellular coverage), Orecon (wave
energy), Dailymotion (video sharing site) and Cartesis which was sold to Business Objects for $300 million.
www.advent-ventures.com About No 8 Ventures
No 8 Ventures is New Zealand's
leading venture capital fund manager. They invest in early stage New Zealand technology companies and help to take them
global. www.no8ventures.co.nz About Motorola
Motorola is known around the world for
innovation in communications. The company develops technologies, products and services that make mobile experiences
possible. Our portfolio includes communications infrastructure, enterprise mobility solutions, digital set-tops, cable
modems, mobile devices and Bluetooth accessories. Motorola is committed to delivering next generation communication
solutions to people, businesses and governments. A Fortune 100 company with global presence and impact, Motorola had sales
of US $36.6 billion in 2007. For more information about our company, our people and our innovations, please visit
http://www.motorola.com. About SVB
SVB Financial Group UK Ltd. is a subsidiary of SVB
Financial Group and an affiliate of Silicon Valley Bank. SVB Financial Group UK Ltd. is registered in England and Wales at
34 Dover Street, London, W1S 4NG, U.K. under No. 5572575 and is authorised and regulated by the Financial Services
Authority.
www.svb.com Media contacts
Becky Kiely/Sarah
Martinez
OCTOPUS
T: +44 (0) 8453 700 655
E :
opencloud@octopuscomms.net