WiChorus Closes Series C As An Up-Round
Pinnacle Ventures led the round, with existing investors Redpoint Ventures, Mayfield Fund and Accel Partners, fully participating
San Jose, CA November 4, 2008 – WiChorus, provider of the industry’s most scalable platforms for Smart 4G Networks, announced today that it has secured $18 million in series C funding, bringing the total equity investment in the company to $43 million. Pinnacle Ventures led the oversubscribed up-round, which included existing investors Redpoint Ventures, Mayfield Fund and Accel Partners. The new funding will provide working capital to grow all aspects of the company’s business. Ken Pelowski, Founder and Managing Director of Pinnacle Ventures, will join the board as an observer.
“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.”
“We are delighted to have Pinnacle join the company and having the continued support of Redpoint, Mayfield and Accel,” said Rehan Jalil, President and CEO of WiChorus. “We are committed to being a leader in the Smart 4G Edge and Core market.”
About Pinnacle Ventures
Pinnacle Ventures is a private venture capital fund focused on providing debt and equity financing to early-stage companies. Pinnacle differentiates itself through the strength and diversity of its team, its broad range of investment alternatives, its creative and flexible structures, its thoughtful responsiveness, by taking a long term perspective with respect to its investments and by helping its portfolio companies achieve success. The company is located in Palo Alto, California. For more information, please visit www.pinnacleven.com.
About WiChorus
WiChorus is the leading provider of highly intelligent, scalable core platforms for 4G networks. Its SmartCore platforms enable operators to deploy smart WiMAX and LTE networks with advanced service and subscriber management, content management, and network optimizations, and to monetize the Internet for increased ARPU and profitability. Through its One Open WiMAX initiative, WiChorus has accelerated the availability of an end-to-end open WiMAX ecosystem, ensuring service providers have the option to combine best-of-breed solutions, like its market-leading Intelligent ASN Gateway and Home Agent products. Headquartered in San Jose, Calif., WiChorus is backed by leading Silicon Valley investors Accel Partners, Mayfield Fund, Pinnacle Ventures and Redpoint Ventures. For more information, please visit www.wichorus.com.
WiChorus:
Eric Andrews
eric@wichorus.com
+1 (408) 435-0777 x205
