News

A Trio of Broadband Vendors Find Funding

7/18/2004 8:00 PM Eastern

Even in the relative quiet of summer, broadband technology suppliers continue to secure investment deals.

Video-on-demand developer Akimbo Systems, broadband-video-solutions vendor Kasenna Inc. and wireless broadband developer Arcwave Inc. each disclosed new rounds of funding.

On July 12, Akimbo closed $12 million in series-B financing. Lead investor Kleiner Perkins Caufield & Buyers joined returning series-A investors Draper Fisher Jurveston, Sprout Group and Zone Ventures Management Co. LLC.

HEARST ON BOARD

Akimbo also named Kleiner Perkins general partner Will Hearst chairman of its board.

Kasenna said July 7 that it completed a new $15-million round of private-equity investment. Key Venture Partners led the round joined by new investor AsiaTech Management and previous investors U.S. Venture Partners, Alloy Ventures Inc., OM Technology Investments Partnership, Artiman Ventures, CIR Ventures and Entrepreneurs Fund BV.

“This new financing confirms our end-to-end [Internet-protocol-video] solution strategy and solidifies our financial strength,” Kasenna chairman and CEO Mark Gray said in a statement. “We will continue to aggressively expand our offerings in the broadband-service-provider and hospitality markets, as well as increasing our market share of video-on-demand solutions in the cable market,” he added.

Arcwave said July 8 that new investors Vulcan Capital and Comcast Interactive Capital had joined existing investors in closing an $8-million round of new financing.

VULCAN BACKING

The new investment, led by Vulcan Capital, brings Arcwave’s total funding to $28 million.

Arcwave is developing wireless solutions designed for “plug and play” deployment and to leverage the existing wireless Data Over Cable Service Interface Specification standard. Future products are expected to incorporate wireless-fidelity and WiMAX technologies.

Vulcan Capital director Brian Vincent will join Arcwave’s board and Louis Toth, managing director of Comcast Interactive Capital, will be an observer.

Previous investors Mayfield, Venrock Associates and SBV Venture Partners increased their overall backing.

Private investment group Vulcan Capital was founded by Charter Communications Inc. chairman Paul Allen to manage his personal and professional endeavors. Comcast Corp. created Comcast Interactive Capital, a venture capital fund focused on broadband, enterprise and interactive technologies and is affiliate with Comcast Corp.

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