MeriTech, Weston Presidio and BancBoston Inject $50 Million into Airspan
London,
November 10, 1999 - Airspan Communications Corporation, a global leader
in Wireless Local Loop (WLL) systems and services, today announced completion
of its third round of funding with an injection of $50 million into the
company. This additional funding from US based companies MeriTech Capital
Partners, Weston Presidio Capital and BancBoston Ventures, will support
Airspan’s business strategy beyond 2000. The capital raised will enable
Airspan to meet the growing demands of its customers and facilitate development
in the core areas of its business including sales and marketing, product
development, customer services, and distribution.
Since Airspan’s formation during February 1998, and first round of financing
from Oak Investment Partners, Sevin Rosen Funds, InterWest Partners and
Venrock Associates, the company has experienced considerable growth. This
was fueled by a second round of financing in November 1998, which attracted
additional investors including Deutsche Bank.
Tom Huseby, Airspan's chairman, said: "This, the third round of funding
for Airspan, takes the company forward into a truly exciting stage in
its development. We are delighted to welcome our new partners to Airspan.”
Eric Stonestrom, Airspan's CEO, added, “We are exclusively focused on
the development of the worldwide broadband wireless access market, and
a key factor in the company’s continued success is the strategic partnerships
we maintain with our investors. The forging of these new partnerships
is a major milestone in Airspan’s evolution.”
Mike Gordon, managing director of MeriTech Capital commented “We are pleased
to be an investor in Airspan. Airspan has differentiated itself with a
WLL system designed from the beginning to cost-effectively address growing
voice and high speed data requirements”.
Philip Halperin, Weston Presidio Capital general partner stated “Airspan
met all of our strict criteria for an investment: a huge market potential,
a leading position within the WLL industry and, most importantly, a successful
and experienced management team. We are delighted to be a part of Airspan’s
outstanding investor group.”
About
MeriTech
MeriTech Capital Partners (http://www.meritechcapital.com)
is a late-stage venture capital fund co-founded by Accel Partners, Brentwood
Venture Capital, Oak Investment Partners and Worldview Technology Partners.
The company is capitalised at $1.1 billion and provides later stage portfolio
companies with efficient access to expansion stage capital. MeriTech focuses
on enabling technologies, wireless and wireline communications technologies
and services, as well as e-commerce and Internet services.
About Weston Presidio Capital
Weston Presidio Capital (http://www.westonpresidio.com) is an investment partnership that invests equity capital into second-stage and later-stage, privately-held growth companies. With approximately $1.0 billion under management, Weston Presidio’s strategy is to originate investment opportunities in a diverse set of industries and companies operated by management teams with proven records of success. The firm’s recent information technology and telecommunications investments include Dolphin Telecommunications, FPiX, Goodhome.com, Geneology.com, Mapquest.com, Medscape, Picture Works Technology, Quidnunc Group, RedEnvelope, Tavolo and Virage Vitria Technology.
About BancBoston
BancBoston Ventures (http://www.bancbostonventures.com) is part of the $1.5 billion private equity arm of BankBoston, providing expansion capital to growth companies in information technology. With offices in Palo Alto, Boston, London, Hong Kong, Buenos Aires, and Sao Paulo, BancBoston Ventures brings 40 years of venture capital experience, a global network of contacts, and close affiliation with the premiere investment bank Robertson Stephens to each investment opportunity. BancBoston Venture's investments include Allaire, BuildNet, Integral Access, Internet Capital Group, OnDisplay, Silknet, Viant, and Zhone Technologies.
About
Airspan Communications
Airspan is dedicated solely to fixed wireless telecommunications and has
an established and proven track record with many major operators around
the globe. The AS4000 product line provides customers with an optimum
fixed wireless infrastructure delivering voice, ISDN, circuit - and packet
data services. Airspan's CDMA technology provides service and range performance
that is unequalled in the industry.
The AS4000 is a robust and future-proof platform that caters for escalating
data needs of Airspan's clients and their customers, and is backed by
comprehensive support including training, installation, maintenance, commissioning
and consulting services.
Airspan's products provide the most comprehensive wireless alternative
to a wired network infrastructure, with no compromises on available services
or quality. Its infrastructure products and services are designed for
both ETSI and ANSI markets with a focus on both circuit and packet / IP
switched networks. More information on the company can be found at (http://www.airspan.com).
For further information contact:
Airspan
Communications
David Farthing
Marketing Communications Manager
Tel: +44 1895 467 169
Fax: +44 1895 467 202
dfarthing@airspan.com
Miller Shandwick Technologies
Alexandra Masurel or Peter Ross
Tel: +44 171 240 8666
Fax: +44 171 240 8668
amasurel@miller.shandwick.com
pross@miller.shandwick.com
Webmaster:webmaster@airspan.com
Airspan Communications Limited
Company No: 3501881 Registered in England at
Cambridge House, Oxford Rd, Uxbridge, Middlesex, UB8 1UN, UK