WiChorus recently announced that the total equity investment in the company has reached $43 million after $18 million were secured in the series C funding. The new funding will act as working capital for growing the company’s business.
WiChorus (News - Alert) is a provider of SmartCore platforms that help operators in the deployment of WiMAX (News - Alert) (Worldwide Interoperability for Microwave Access) and LTE (Long Term Evolution) networks as well as allow operators to earn more profits and increase ARPU (Average Revenue Per User) by monetizing the Internet. Operators are able to deploy the WiMAX and LTE (News - Alert) networks not only with advanced service and subscriber management, but also through network optimizations and advanced content management
With headquarters at San Jose, California, WiChorus’ One Open WiMAX initiative has accelerated the availability of an end-to-end open WiMAX ecosystem to service providers who now have the freedom to combine solutions like the Intelligent ASN (Autonomous System Number) Gateway (News - Alert) and Home Agent products.
"WiChorus has a unique combination of strong team, innovative technology, swift execution and market leadership," said Ken Pelowski, founder and managing partner of Pinnacle Ventures.
"Only top companies with solid execution, in a promising market segment, are attracting investment in this environment. WiChorus is uniquely positioned to capitalize on the growing demand for mobile broadband communications," Pelowski added.
While it is backed by existing Silicon Valley investors like Redpoint Ventures, Mayfield Fund and Accel Partners, Pinnacle Ventures was a leader of the over subscribed up-round. Additionally, Pinnacle Ventures’ Founder and Managing Director, Ken Pelowski will join the WiChorus company board as observer.
"We are delighted to have Pinnacle join the company and having the continued support of Redpoint, Mayfield and Accel," said Rehan Jalil, president and chief executive officer of WiChorus. "We are committed to being a leader in the Smart 4G (Fourth Generation) Edge and Core market."
Private venture capital fund, Pinnacle Ventures is a company that focuses on delivering equity and debt finance to early-stage companies. Differentiating qualities of Pinnacle Ventures are its team diversity, structures which are flexible and creative, a spectrum of investment alternatives, its long term perspective towards investments as well as the help it extends to its portfolio companies in achieving success.
Shireen Dee is a contributing editor for TMCnet. To read more of Shireen's articles, please visit her columnist page.
Edited by Michelle Robart