January 20, 2004
Company’s Significant Customer Wins and Proven Performance Result in Total Funding of More Than $70 Million.
Dallas, January 20, 2004 – Netrake, the premier provider of session controllers for VoIP interconnection, today announced that it has secured $20 million in its fourth round of funding. Prism Venture Partners led the round with return funding support from existing investors TL Ventures, Austin Ventures and Trinity Ventures. Netrake has now raised more than $70 million in capital to date. This latest round of financing will allow Netrake to accelerate its business growth and product expansion plans.
Prism Venture Partners is a leading venture capital firm focused on early-stage and growth companies in communications, business infrastructure software and systems, and healthcare technology. William M. Seifert, general partner at Prism Venture Partners, has been named to Netrake’s board of directors. Mr. Seifert has more than 25 years of experience in managing, founding and financing technology companies.
“Prism Venture Partners was highly impressed with Netrake’s traction with Tier 1 service providers on three continents – a reflection of the superior ability of its nCiteä session controllers to support cost-effective interconnection between global VoIP networks,” said Seifert. “We’ve looked at many companies designed to fulfill the challenges posed by the IP marketplace, and Netrake stands out not only for the superior quality of its carrier-class product but also for the strength of its management team.”
Netrake is the leading provider of session controllers enabling IP-to-IP Gateway functionality for Tier 1 carriers and leads the market in carrier-class performance and reliability. Netrake’s customers range from next-generation enhanced service providers to Tier 1 incumbent carriers. Netrake’s nCite session controllers exceed the cost performance, security, management and reliability of network appliance-like session controllers and media gateway products that attempt to graft session controller functionality onto their existing platforms.
“Netrake’s ability to deliver carrier-class VoIP and our track record of successful deployments with Tier 1 service providers has positioned Netrake well in the rapidly growing market for VoIP interconnection platforms. We are encouraged by recent announcements from VoIP leaders such as Level 3 and T-systems that confirms VoIP Interconnection is vital for continued growth and security of VoIP services. This has helped us attract prestigious investors such as Prism Venture Partners,” said Bruce Hill, president and CEO of Netrake. “We are thrilled to receive this latest endorsement of our market and technological leadership and are delighted to welcome a telecommunications veteran such as Bill Seifert to our board. His industry experience and acumen will contribute greatly to our next phase of growth.”